Legal & General Group Plc Acquires New Stake in International Bancshares Corporation $IBOC

Legal & General Group Plc bought a new position in shares of International Bancshares Corporation (NASDAQ:IBOC) during the 2nd quarter, Holdings Channel.com reports. The firm bought 69,876 shares of the bank’s stock, valued at approximately $5,307,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Azora Capital LP lifted its stake in shares of 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 acquiring an additional 395,984 shares during the period. Lazard Asset Management LLC bought a new position in shares of International Bancshares during the 1st quarter worth approximately $1,741,000. Hsbc Holdings PLC bought a new position in shares of International Bancshares during the 4th quarter worth approximately $1,500,000. BlackRock Inc. acquired a new stake in shares of International Bancshares during the 2nd quarter worth approximately $535,310,000. Finally, Fieldview Capital Management LLC increased its stake in shares of International Bancshares by 153.0% in the 4th quarter. Fieldview Capital Management LLC now owns 23,545 shares of the bank’s stock valued at $1,564,000 after acquiring an additional 14,239 shares in the last quarter. Institutional investors and hedge funds own 65.91% of the company’s stock.

International Bancshares Stock Performance

IBOC opened at $71.54 on Friday. International Bancshares Corporation has a 1-year low of $63.19 and a 1-year high of $78.46. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 10.79 and a beta of 0.67. The company’s fifty day moving average price is $74.39 and its two-hundred day moving average price is $72.17. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04.

International Bancshares (NASDAQ:IBOC) last released its earnings results on Thursday, August 6th. The bank reported $1.54 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 12.67% and a net margin of 38.83%.

International Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

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

International Bancshares 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.