Shares of International Bancshares Corporation (NASDAQ: IBOC) experienced a significant increase in trading volume on October 8, 2023, with 293,568 shares exchanged, marking an 18% rise compared to the previous session’s volume of 249,652 shares. The stock closed at $67.34, up from its previous close of $66.38.
Analyst Ratings and Market Expectations
In a recent research note, Weiss Ratings reaffirmed a “buy (b)” rating for International Bancshares, reflecting positive sentiment among analysts. Currently, one equity research analyst has rated the stock as a “Buy,” contributing to an average rating of “Buy” according to MarketBeat.com.
On August 7, 2023, the bank announced its quarterly earnings, reporting an earnings per share (EPS) of $1.61. The financial institution demonstrated a net margin of 39.51% and a return on equity of 14.37%, indicating robust financial health.
Institutional Investors Adjust Holdings
Recent changes in institutional ownership highlight growing interest in International Bancshares. Principal Financial Group Inc. increased its position by 1.1% during the first quarter, now holding 154,667 shares valued at approximately $9.75 million. Similarly, GAMMA Investing LLC raised its holdings by 183.1%, acquiring an additional 727 shares to total 1,124 shares worth around $71,000.
Additionally, Vident Advisory LLC boosted its stake by 18.9%, now owning 4,624 shares valued at $292,000. KLP Kapitalforvaltning AS made a smaller increase of 2.6%, acquiring 300 shares for a total of 11,700 shares worth about $779,000. Notably, Universal Beteiligungs und Servicegesellschaft mbH entered the market with a new stake valued at approximately $1.13 million.
Institutional investors and hedge funds now hold approximately 65.91% of International Bancshares’ stock, indicating strong institutional support for the company.
About International Bancshares Corporation
International Bancshares Corporation is a financial holding company that offers a range of commercial and retail banking services primarily in Texas and Oklahoma. The company provides various financial products, including checking and savings deposits, as well as commercial, real estate, personal, and automobile loans.
As market dynamics continue to evolve, investors will be closely monitoring International Bancshares’ performance in the coming months, particularly in light of recent trading activity and institutional interest.
