International Bancshares (NASDAQ:IBOC) Trading Up 2.6% Following Insider Buying Activity

International Bancshares Corp (NASDAQ:IBOC)’s stock price were up 2.6% during trading on Monday after an insider bought additional shares in the company. The company traded as high as $34.65 and last traded at $35.07, approximately 7,329 shares traded hands during mid-day trading. A decline of 97% from the average daily volume of 247,247 shares. The stock had previously closed at $34.19.

Specifically, Director Roberto R. Resendez purchased 3,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were acquired at an average price of $37.00 per share, for a total transaction of $111,000.00. Following the purchase, the director now directly owns 35,141 shares in the company, valued at $1,300,217. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roberto R. Resendez purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $32.40 per share, for a total transaction of $129,600.00. Following the purchase, the director now owns 16,730 shares in the company, valued at $542,052. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 9,000 shares of company stock valued at $313,460. 16.00% of the stock is currently owned by insiders.

Several brokerages recently commented on IBOC. ValuEngine downgraded shares of International Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. BidaskClub cut shares of International Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th.

The firm has a market cap of $2.13 billion, a PE ratio of 10.15 and a beta of 1.32. The stock’s fifty day simple moving average is $36.26 and its 200-day simple moving average is $38.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.79 and a quick ratio of 0.77.

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in International Bancshares by 1,890.9% in the 2nd quarter. Royal Bank of Canada now owns 21,442 shares of the bank’s stock valued at $809,000 after acquiring an additional 20,365 shares during the last quarter. United Services Automobile Association grew its stake in International Bancshares by 2.6% in the 2nd quarter. United Services Automobile Association now owns 335,394 shares of the bank’s stock valued at $12,648,000 after acquiring an additional 8,555 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in International Bancshares in the 2nd quarter valued at about $9,174,000. UBS Asset Management Americas Inc. grew its stake in International Bancshares by 7.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 49,249 shares of the bank’s stock valued at $1,857,000 after acquiring an additional 3,609 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in International Bancshares in the 2nd quarter valued at about $1,497,000. Institutional investors own 59.36% of the company’s stock.

About International Bancshares (NASDAQ:IBOC)

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services. It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans. The company also provides international banking services, including letters of credit, commercial and industrial loans, and foreign exchange.

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