The Manufacturers Life Insurance Company Takes Position in International Bancshares Corporation $IBOC

The Manufacturers Life Insurance Company purchased a new stake in International Bancshares Corporation (NASDAQ:IBOC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 51,636 shares of the bank’s stock, valued at approximately $3,922,000. The Manufacturers Life Insurance Company owned about 0.08% of International Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in IBOC. Rockefeller Capital Management L.P. increased its position in International Bancshares by 4,020.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank’s stock valued at $27,000 after acquiring an additional 402 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of International Bancshares by 82.5% during the fourth quarter. Hantz Financial Services Inc. now owns 489 shares of the bank’s stock worth $32,000 after purchasing an additional 221 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of International Bancshares by 82.0% during the fourth quarter. Quadrant Capital Group LLC now owns 515 shares of the bank’s stock valued at $34,000 after purchasing an additional 232 shares during the last quarter. Allworth Financial LP bought a new stake in shares of International Bancshares during the second quarter valued at approximately $42,000. Finally, Versant Capital Management Inc increased its holdings in shares of International Bancshares by 35.8% in the second quarter. Versant Capital Management Inc now owns 596 shares of the bank’s stock valued at $45,000 after purchasing an additional 157 shares in the last quarter. Institutional investors and hedge funds own 65.91% of the company’s stock.

International Bancshares Price Performance

Shares of IBOC stock opened at $69.64 on Wednesday. The firm’s 50 day moving average price is $74.62 and its two-hundred day moving average price is $72.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.77 and a current ratio of 0.77. International Bancshares Corporation has a 52-week low of $63.19 and a 52-week high of $78.46. The stock has a market cap of $4.33 billion, a PE ratio of 10.50 and a beta of 0.67.

International Bancshares (NASDAQ:IBOC) last issued its earnings results on Thursday, August 6th. The bank reported $1.54 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.07). The business had revenue of $214.82 million for the quarter, compared to the consensus estimate of $264.13 million. International Bancshares had a net margin of 38.83% and a return on equity of 12.67%.

International Bancshares Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a $0.73 dividend. This represents a yield of 199.0%. The ex-dividend date was Friday, August 14th. International Bancshares’s dividend payout ratio is currently 22.02%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of International Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $85.00.

About International Bancshares

International Bancshares Corporation is a bank holding company headquartered in Laredo, Texas, that provides a comprehensive range of financial products and services through its subsidiary, International Bank of Commerce. As one of the largest community banking organizations in the United States, the company serves retail, commercial, and corporate clients with a focus on relationship-driven banking.

The company’s offerings include deposit products, consumer and commercial loans, treasury management, mortgage lending, trust and wealth management, and insurance services.