International Bancshares (NASDAQ:IBOC) Reaches New 12-Month High – Time to Buy?
by Amy Steele · The Cerbat GemInternational Bancshares Corporation (NASDAQ:IBOC – Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $75.62 and last traded at $75.47, with a volume of 24740 shares trading hands. The stock had previously closed at $73.49.
Analyst Ratings Changes
Separately, Weiss Ratings cut International Bancshares from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $85.00.
Check Out Our Latest Stock Analysis on IBOC
International Bancshares Stock Up 1.5%
The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $4.64 billion, a PE ratio of 11.12 and a beta of 0.68. The company has a 50 day moving average price of $71.32 and a 200-day moving average price of $69.91.
International Bancshares (NASDAQ:IBOC – Get Free Report) last posted its earnings results on Thursday, May 7th. The bank reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.68 by ($0.04). International Bancshares had a net margin of 39.33% and a return on equity of 13.16%. The business had revenue of $208.46 million for the quarter, compared to analysts’ expectations of $257.28 million.
Institutional Investors Weigh In On International Bancshares
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBOC. Norges Bank purchased a new stake in International Bancshares in the fourth quarter worth $45,598,000. Azora Capital LP grew its stake in International Bancshares by 35.1% in the fourth quarter. Azora Capital LP now owns 1,524,345 shares of the bank’s stock worth $101,277,000 after purchasing an additional 395,984 shares during the period. AQR Capital Management LLC grew its stake in International Bancshares by 101.0% in the second quarter. AQR Capital Management LLC now owns 659,381 shares of the bank’s stock worth $43,888,000 after purchasing an additional 331,256 shares during the period. Freestone Grove Partners LP purchased a new stake in International Bancshares in the third quarter worth $18,330,000. Finally, Price T Rowe Associates Inc. MD grew its stake in International Bancshares by 447.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 268,654 shares of the bank’s stock worth $17,850,000 after purchasing an additional 219,578 shares during the period. 65.91% of the stock is owned by hedge funds and other institutional investors.
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.