Norges Bank Makes New $45.60 Million Investment in International Bancshares Corporation $IBOC

Norges Bank purchased a new position in shares of International Bancshares Corporation (NASDAQ:IBOC) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 686,300 shares of the bank’s stock, valued at approximately $45,598,000. Norges Bank owned approximately 1.10% of International Bancshares as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in IBOC. AQR Capital Management LLC boosted its stake in shares of International Bancshares by 101.0% during the 2nd quarter. AQR Capital Management LLC now owns 659,381 shares of the bank’s stock worth $43,888,000 after acquiring an additional 331,256 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of International Bancshares during the 3rd quarter worth about $18,330,000. Millennium Management LLC boosted its stake in shares of International Bancshares by 56.6% during the 3rd quarter. Millennium Management LLC now owns 603,574 shares of the bank’s stock worth $41,496,000 after acquiring an additional 218,039 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of International Bancshares by 7.1% during the 3rd quarter. American Century Companies Inc. now owns 3,090,223 shares of the bank’s stock worth $212,453,000 after acquiring an additional 204,536 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of International Bancshares by 49.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank’s stock worth $14,497,000 after acquiring an additional 69,466 shares in the last quarter. Institutional investors own 65.91% of the company’s stock.

International Bancshares Price Performance

NASDAQ IBOC opened at $73.49 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $71.32 and a 200 day simple moving average of $69.91. The company has a market cap of $4.57 billion, a P/E ratio of 10.97 and a beta of 0.68. International Bancshares Corporation has a 1 year low of $61.15 and a 1 year high of $75.44.

International Bancshares (NASDAQ:IBOC) last announced its earnings results on Thursday, May 7th. The bank reported $1.64 earnings per share 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 the consensus estimate of $257.28 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded International Bancshares from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target 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.