International Bancshares (NASDAQ:IBOC) Posts Earnings Results, Misses Expectations By $0.07 EPS

International Bancshares (NASDAQ:IBOC) released its earnings results on Thursday. The bank reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.07), Zacks reports. The firm had revenue of $214.82 million during the quarter, compared to analyst estimates of $266.36 million. International Bancshares had a net margin of 38.83% and a return on equity of 12.82%.

International Bancshares Stock Performance

Shares of NASDAQ IBOC traded down $1.56 during midday trading on Friday, reaching $73.55. 402,481 shares of the stock were exchanged, compared to its average volume of 300,106. 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 firm has a market cap of $4.57 billion, a price-to-earnings ratio of 11.09 and a beta of 0.69. The firm has a 50-day simple moving average of $75.39 and a two-hundred day simple moving average of $72.11. International Bancshares has a twelve month low of $63.19 and a twelve month high of $78.46.

International Bancshares Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.73 per share. This represents a yield of 192.0%. The ex-dividend date is Friday, August 14th. International Bancshares’s dividend payout ratio (DPR) is currently 21.79%.

Hedge Funds Weigh In On International Bancshares

A number of large investors have recently bought and sold shares of IBOC. T. Rowe Price Investment Management Inc. lifted its stake in shares of International Bancshares by 6.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,091,549 shares of the bank’s stock worth $72,523,000 after buying an additional 70,193 shares in the last quarter. Invesco Ltd. boosted its position in International Bancshares by 2.4% during the fourth quarter. Invesco Ltd. now owns 267,517 shares of the bank’s stock worth $17,774,000 after acquiring an additional 6,151 shares during the last quarter. Mackenzie Financial Corp grew its stake in International Bancshares by 109.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,754 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,565 shares in the last quarter. Voloridge Investment Management LLC grew its stake in International Bancshares by 48.2% during the 4th quarter. Voloridge Investment Management LLC now owns 133,849 shares of the bank’s stock valued at $8,893,000 after acquiring an additional 43,522 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in International Bancshares in the 4th quarter valued at about $242,000. Institutional investors and hedge funds own 65.91% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.