Panagora Asset Management Inc. Raises Position in International Bancshares Corporation $IBOC

Panagora Asset Management Inc. grew its position in International Bancshares Corporation (NASDAQ:IBOC) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 388,053 shares of the bank’s stock after acquiring an additional 16,814 shares during the period. Panagora Asset Management Inc. owned about 0.62% of International Bancshares worth $25,782,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. boosted its holdings in International Bancshares by 7.1% during the third quarter. American Century Companies Inc. now owns 3,090,223 shares of the bank’s stock worth $212,453,000 after buying an additional 204,536 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new stake in International Bancshares during the third quarter worth about $3,512,000. JPMorgan Chase & Co. boosted its holdings in International Bancshares by 49.1% during the third quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank’s stock worth $14,497,000 after buying an additional 69,466 shares in the last quarter. First Trust Advisors LP boosted its holdings in International Bancshares by 1.5% during the third quarter. First Trust Advisors LP now owns 1,270,538 shares of the bank’s stock worth $87,349,000 after buying an additional 18,591 shares in the last quarter. Finally, Azora Capital LP boosted its holdings in International Bancshares by 3.5% during the third quarter. Azora Capital LP now owns 1,128,361 shares of the bank’s stock worth $77,575,000 after buying an additional 38,195 shares in the last quarter. Hedge funds and other institutional investors own 65.91% of the company’s stock.

Analysts Set New Price Targets

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

International Bancshares Stock Performance

NASDAQ:IBOC opened at $75.09 on Tuesday. The firm has a 50 day simple moving average of $72.11 and a 200-day simple moving average of $70.25. 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 firm has a market cap of $4.67 billion, a PE ratio of 11.21 and a beta of 0.68. International Bancshares Corporation has a 1-year low of $61.15 and a 1-year high of $77.11.

International Bancshares (NASDAQ:IBOC) last posted its quarterly earnings data on Thursday, May 7th. The bank reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.04). The firm had revenue of $208.46 million during the quarter, compared to analyst estimates of $257.28 million. International Bancshares had a net margin of 39.33% and a return on equity of 13.16%.

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.