Franklin Resources Inc. Reduces Position in International Bancshares Co. (NASDAQ:IBOC)

Franklin Resources Inc. decreased its holdings in International Bancshares Co. (NASDAQ:IBOC) by 59.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,977 shares of the bank’s stock after selling 5,831 shares during the quarter. Franklin Resources Inc.’s holdings in International Bancshares were worth $249,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Strategic Financial Concepts LLC bought a new position in shares of International Bancshares in the 2nd quarter worth approximately $39,000. CWM LLC increased its holdings in International Bancshares by 5,673.7% during the third quarter. CWM LLC now owns 2,194 shares of the bank’s stock valued at $131,000 after buying an additional 2,156 shares during the last quarter. Blue Trust Inc. raised its position in International Bancshares by 564.8% in the third quarter. Blue Trust Inc. now owns 3,477 shares of the bank’s stock worth $199,000 after acquiring an additional 2,954 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of International Bancshares during the 3rd quarter worth $202,000. Finally, Versor Investments LP bought a new stake in shares of International Bancshares during the 3rd quarter valued at $222,000. Hedge funds and other institutional investors own 65.91% of the company’s stock.

International Bancshares Price Performance

Shares of International Bancshares stock opened at $63.16 on Thursday. The stock’s fifty day moving average is $68.16 and its 200 day moving average is $63.29. International Bancshares Co. has a one year low of $48.85 and a one year high of $76.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $3.93 billion, a P/E ratio of 9.82 and a beta of 0.90.

Insider Transactions at International Bancshares

In other news, CEO Dennis E. Nixon sold 34,815 shares of International Bancshares stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $72.18, for a total value of $2,512,946.70. Following the sale, the chief executive officer now directly owns 965,185 shares of the company’s stock, valued at approximately $69,667,053.30. The trade was a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.93% of the company’s stock.

About International Bancshares

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services in Texas and the State of Oklahoma. It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans.