International Bancshares Corp (NASDAQ:IBOC) Sees Large Increase in Short Interest

International Bancshares Corp (NASDAQ:IBOC) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 728,900 shares, an increase of 16.6% from the June 30th total of 625,100 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 177,100 shares, the days-to-cover ratio is currently 4.1 days.

Several equities analysts have recently weighed in on the company. BidaskClub cut International Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday. ValuEngine cut International Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd.

International Bancshares stock traded up $0.38 during midday trading on Tuesday, hitting $33.28. 12,991 shares of the company’s stock were exchanged, compared to its average volume of 208,324. International Bancshares has a 52-week low of $32.50 and a 52-week high of $47.95. The stock’s 50-day moving average price is $36.55. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $2.21 billion, a P/E ratio of 10.52 and a beta of 1.32.

In related news, Director Roberto R. Resendez purchased 3,000 shares of International Bancshares stock in a transaction dated Friday, June 14th. The stock was bought at an average cost of $37.00 per share, for a total transaction of $111,000.00. Following the completion of the transaction, the director now owns 35,141 shares in the company, valued at $1,300,217. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roberto R. Resendez purchased 2,000 shares of International Bancshares stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $36.43 per share, with a total value of $72,860.00. Following the completion of the transaction, the director now owns 31,141 shares of the company’s stock, valued at approximately $1,134,466.63. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its position in International Bancshares by 0.7% during the second quarter. Jennison Associates LLC now owns 47,626 shares of the bank’s stock worth $1,796,000 after buying an additional 308 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of International Bancshares by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 22,027 shares of the bank’s stock worth $831,000 after purchasing an additional 311 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of International Bancshares by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 39,545 shares of the bank’s stock worth $1,491,000 after purchasing an additional 437 shares in the last quarter. Quantamental Technologies LLC boosted its holdings in shares of International Bancshares by 241.5% in the 2nd quarter. Quantamental Technologies LLC now owns 782 shares of the bank’s stock worth $29,000 after purchasing an additional 553 shares in the last quarter. Finally, Strs Ohio boosted its holdings in shares of International Bancshares by 2.1% in the 2nd quarter. Strs Ohio now owns 29,100 shares of the bank’s stock worth $1,097,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 59.63% of the company’s stock.

International Bancshares Company Profile

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.

Further Reading: Outstanding Shares

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