International Bancshares (NASDAQ:IBOC) Hits New 1-Year High – Here’s What Happened

International Bancshares Corporation (NASDAQ:IBOC) shares reached a new 52-week high during trading on Thursday . The company traded as high as $77.24 and last traded at $77.25, with a volume of 24783 shares trading hands. The stock had previously closed at $76.46.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded International Bancshares from a “buy (b)” rating to a “buy (a-)” rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, International Bancshares currently has a consensus rating of “Strong Buy” and a consensus target price of $85.00.

International Bancshares Stock Up 0.7%

The company has a market cap of $4.79 billion, a P/E ratio of 11.49 and a beta of 0.68. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average of $72.78 and a 200 day moving average of $70.64.

International Bancshares (NASDAQ:IBOC) last posted its quarterly earnings data on Thursday, May 7th. The bank reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.04). International Bancshares had a return on equity of 13.16% and a net margin of 39.33%.The business had revenue of $208.46 million during the quarter, compared to analysts’ expectations of $257.28 million.

Institutional Trading of International Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in International Bancshares in the 4th quarter worth approximately $45,598,000. Azora Capital LP grew its position in shares of International Bancshares by 35.1% during the fourth quarter. Azora Capital LP now owns 1,524,345 shares of the bank’s stock valued at $101,277,000 after purchasing an additional 395,984 shares in the last quarter. AQR Capital Management LLC grew its position in shares of International Bancshares by 101.0% during the second quarter. AQR Capital Management LLC now owns 659,381 shares of the bank’s stock valued at $43,888,000 after purchasing an additional 331,256 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of International Bancshares in the third quarter worth about $18,330,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of 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 buying an additional 219,578 shares in the last quarter. Institutional investors own 65.91% of the company’s stock.

International Bancshares Company Profile

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.