International Bancshares (NASDAQ:IBOC) Hits New 52-Week High – Time to Buy?

International Bancshares Corporation (NASDAQ:IBOC) shares hit a new 52-week high on Tuesday . The stock traded as high as $75.62 and last traded at $75.47, with a volume of 24740 shares changing hands. The stock had previously closed at $73.49.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of International Bancshares from a “buy (a-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $85.00.

International Bancshares Stock Up 1.1%

The company has a market cap of $4.68 billion, a P/E ratio of 11.24 and a beta of 0.68. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. The company’s 50-day moving average is $71.63 and its two-hundred day moving average is $70.06.

International Bancshares (NASDAQ:IBOC) last announced its quarterly 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). The firm had revenue of $208.46 million for the quarter, compared to the consensus estimate of $257.28 million. International Bancshares had a net margin of 39.33% and a return on equity of 13.16%.

Institutional Investors Weigh In On International Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in IBOC. American Century Companies Inc. boosted its holdings in International Bancshares by 7.1% in the third quarter. American Century Companies Inc. now owns 3,090,223 shares of the bank’s stock worth $212,453,000 after purchasing an additional 204,536 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new stake in International Bancshares in the third quarter worth approximately $3,512,000. JPMorgan Chase & Co. boosted its holdings in International Bancshares by 49.1% in the third quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank’s stock worth $14,497,000 after purchasing an additional 69,466 shares during the last quarter. First Trust Advisors LP boosted its holdings in International Bancshares by 1.5% in the third quarter. First Trust Advisors LP now owns 1,270,538 shares of the bank’s stock worth $87,349,000 after purchasing an additional 18,591 shares during the last quarter. Finally, Azora Capital LP boosted its holdings in International Bancshares by 3.5% in the third quarter. Azora Capital LP now owns 1,128,361 shares of the bank’s stock worth $77,575,000 after purchasing an additional 38,195 shares during 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.