Polaris Capital Management LLC Lowers Holdings in International Bancshares Corporation $IBOC

Polaris Capital Management LLC trimmed its position in International Bancshares Corporation (NASDAQ:IBOC) by 12.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 477,304 shares of the bank’s stock after selling 68,700 shares during the period. International Bancshares makes up approximately 2.6% of Polaris Capital Management LLC’s portfolio, making the stock its 14th largest holding. Polaris Capital Management LLC’s holdings in International Bancshares were worth $31,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System grew its position in International Bancshares by 1.1% in the 3rd quarter. Arizona State Retirement System now owns 16,497 shares of the bank’s stock valued at $1,134,000 after buying an additional 176 shares during the last quarter. Covestor Ltd lifted its holdings in International Bancshares by 19.9% in the third quarter. Covestor Ltd now owns 1,197 shares of the bank’s stock valued at $82,000 after acquiring an additional 199 shares during the period. Amalgamated Bank lifted its holdings in International Bancshares by 0.9% in the third quarter. Amalgamated Bank now owns 23,744 shares of the bank’s stock valued at $1,632,000 after acquiring an additional 202 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in International Bancshares by 17.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,341 shares of the bank’s stock valued at $156,000 after acquiring an additional 341 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in International Bancshares by 3.2% in the second quarter. BNP Paribas Financial Markets now owns 13,015 shares of the bank’s stock valued at $866,000 after acquiring an additional 405 shares during the period. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IBOC shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of International Bancshares in a research note on Thursday, January 22nd. Loop Capital set a $85.00 price target on International Bancshares in a research note on Wednesday, December 31st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, International Bancshares currently has a consensus rating of “Buy” and an average target price of $85.00.

International Bancshares Stock Down 1.3%

IBOC opened at $71.31 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of 10.77 and a beta of 0.69. The business has a 50-day moving average of $69.14 and a two-hundred day moving average of $68.75. International Bancshares Corporation has a 12 month low of $59.81 and a 12 month high of $75.44.

International Bancshares (NASDAQ:IBOC) last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.71 EPS for the quarter, beating the consensus estimate of $1.63 by $0.08. International Bancshares had a return on equity of 13.41% and a net margin of 39.04%.The company had revenue of $217.71 million during the quarter.

International Bancshares Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, February 13th. This represents a dividend yield of 203.0%. International Bancshares’s payout ratio is presently 22.05%.

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.