Texas Permanent School Fund increased its stake in International Bancshares Corporation (NASDAQ:IBOC) by 0.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,439 shares of the bank’s stock after buying an additional 395 shares during the period. Texas Permanent School Fund’s holdings in International Bancshares Corporation were worth $1,487,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of the company. Great West Life Assurance Co. Can boosted its stake in International Bancshares Corporation by 4.2% in the second quarter. Great West Life Assurance Co. Can now owns 35,454 shares of the bank’s stock valued at $1,238,000 after buying an additional 1,445 shares in the last quarter. ING Groep NV bought a new stake in International Bancshares Corporation during the second quarter valued at approximately $248,000. Finally, Russell Investments Group Ltd. boosted its stake in International Bancshares Corporation by 3.4% in the second quarter. Russell Investments Group Ltd. now owns 663,439 shares of the bank’s stock valued at $23,241,000 after buying an additional 21,780 shares in the last quarter. 56.16% of the stock is owned by hedge funds and other institutional investors.
Shares of International Bancshares Corporation (NASDAQ IBOC) opened at 36.10 on Wednesday. The stock has a market capitalization of $2.38 billion, a PE ratio of 16.71 and a beta of 1.52. International Bancshares Corporation has a 52-week low of $27.92 and a 52-week high of $42.25. The stock has a 50 day moving average of $35.47 and a 200 day moving average of $35.92.
International Bancshares Corporation (NASDAQ:IBOC) last posted its quarterly earnings results on Monday, August 7th. The bank reported $0.61 EPS for the quarter. International Bancshares Corporation had a net margin of 26.21% and a return on equity of 8.20%. Analysts forecast that International Bancshares Corporation will post $1.59 earnings per share for the current year.
International Bancshares Corporation declared that its board has approved a share buyback program on Friday, April 21st that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 1.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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Separately, BidaskClub cut shares of International Bancshares Corporation from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th.
In other news, VP R David Guerra sold 1,875 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $36.04, for a total value of $67,575.00. Following the transaction, the vice president now directly owns 2,500 shares in the company, valued at $90,100. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 17.93% of the company’s stock.
About International Bancshares Corporation
International Bancshares Corporation is a financial holding company. The Company, through its subsidiaries, is primarily engaged in the business of banking, including the acceptance of checking and savings deposits, and the making of commercial, real estate, personal, home improvement, automobile, and other installment and term loans.
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