International Bancshares Corporation (NASDAQ:IBOC) Short Interest Up 24.0% in March

International Bancshares Corporation (NASDAQ:IBOC) saw a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 1,841,066 shares, an increase of 24.0% from the February 26th total of 1,484,699 shares. Based on an average daily trading volume, of 379,827 shares, the days-to-cover ratio is currently 4.8 days. Currently, 3.4% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of International Bancshares in a research report on Thursday, January 22nd. Loop Capital set a $85.00 price target on shares of International Bancshares in a research report on Wednesday, December 31st. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $85.00.

International Bancshares Stock Down 0.5%

Shares of NASDAQ:IBOC traded down $0.32 during mid-day trading on Monday, hitting $67.04. 331,051 shares of the company traded hands, compared to its average volume of 365,978. The firm’s 50 day simple moving average is $69.47 and its 200 day simple moving average is $68.60. The firm has a market cap of $4.17 billion, a P/E ratio of 10.13 and a beta of 0.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.76 and a current ratio of 0.76. International Bancshares has a 52-week low of $54.11 and a 52-week high of $75.44.

International Bancshares (NASDAQ:IBOC) last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.08. The company had revenue of $217.71 million during the quarter. International Bancshares had a net margin of 39.04% and a return on equity of 13.41%.

International Bancshares Dividend Announcement

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

Hedge Funds Weigh In On International Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBOC. Norges Bank acquired a new stake in shares of International Bancshares during the fourth quarter valued at about $45,598,000. Azora Capital LP increased its holdings in International Bancshares by 35.1% during the 4th quarter. Azora Capital LP now owns 1,524,345 shares of the bank’s stock worth $101,277,000 after purchasing an additional 395,984 shares during the last quarter. AQR Capital Management LLC raised its position in shares of International Bancshares by 101.0% in the 2nd quarter. AQR Capital Management LLC now owns 659,381 shares of the bank’s stock valued at $43,888,000 after purchasing an additional 331,256 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of International Bancshares in the 3rd quarter valued at approximately $18,330,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of International Bancshares by 447.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 268,654 shares of the bank’s stock valued at $17,850,000 after buying an additional 219,578 shares during the last quarter. 65.91% of the stock is owned by hedge funds and other institutional investors.

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.