Citigroup Inc. Sells 47,703 Shares of International Bancshares Corporation $IBOC

Citigroup Inc. lowered its holdings in International Bancshares Corporation (NASDAQ:IBOC) by 58.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 33,579 shares of the bank’s stock after selling 47,703 shares during the quarter. Citigroup Inc. owned approximately 0.05% of International Bancshares worth $2,309,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in IBOC. Arizona State Retirement System grew its stake in shares of International Bancshares by 1.1% in the third quarter. Arizona State Retirement System now owns 16,497 shares of the bank’s stock worth $1,134,000 after acquiring an additional 176 shares during the period. Covestor Ltd lifted its position in International Bancshares by 19.9% during the third quarter. Covestor Ltd now owns 1,197 shares of the bank’s stock valued at $82,000 after purchasing an additional 199 shares during the period. Amalgamated Bank boosted its holdings in International Bancshares by 0.9% in the third quarter. Amalgamated Bank now owns 23,744 shares of the bank’s stock worth $1,632,000 after purchasing an additional 202 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in International Bancshares by 17.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,341 shares of the bank’s stock worth $156,000 after purchasing an additional 341 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in International Bancshares by 3.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 13,015 shares of the bank’s stock worth $866,000 after purchasing an additional 405 shares during the period. 65.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IBOC has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of International Bancshares in a research note on Thursday, January 22nd. Loop Capital set a $85.00 price objective on International Bancshares in a report on Wednesday, December 31st. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $85.00.

International Bancshares Stock Performance

IBOC opened at $66.53 on Friday. The company’s 50 day moving average is $69.90 and its 200 day moving average is $69.07. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.04. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 10.05 and a beta of 0.72. International Bancshares Corporation has a 12-month low of $54.11 and a 12-month high of $75.44.

International Bancshares (NASDAQ:IBOC) last announced its earnings results on Thursday, February 26th. The bank reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.08. International Bancshares had a net margin of 39.04% and a return on equity of 13.41%. The business had revenue of $217.71 million during the quarter.

International Bancshares Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were paid a $0.73 dividend. This represents a dividend yield of 203.0%. The ex-dividend date was Friday, February 13th. International Bancshares’s dividend payout ratio is 22.05%.

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.