Is International Bancshares Corp (NASDAQ:IBOC) a worthy stock to buy now? Hedge funds are taking a pessimistic view. The number of bullish hedge fund bets decreased by 3 recently.
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Now, let’s take a glance at the key action encompassing International Bancshares Corp (NASDAQ:IBOC).
How have hedgies been trading International Bancshares Corp (NASDAQ:IBOC)?
Heading into Q2, a total of 5 of the hedge funds we track were long in this stock, a change of -38% from one quarter earlier. With the smart money’s capital changing hands, there exists a few key hedge fund managers who were boosting their stakes meaningfully.
According to our comprehensive database, Bernard Horn’s Polaris Capital Management had the most valuable position in International Bancshares Corp (NASDAQ:IBOC), worth close to $47 million, accounting for 2.8% of its total 13F portfolio. Coming in second is AQR Capital Management, managed by Cliff Asness, which held a $13.6 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other hedgies that are bullish include David Dreman’s Dreman Value Management, Ken Griffin’s Citadel Investment Group and D. E. Shaw’s D E Shaw.
Seeing as International Bancshares Corp (NASDAQ:IBOC) has experienced bearish sentiment from hedge fund managers, it’s easy to see that there were a few hedge funds that slashed their full holdings heading into Q2. It’s worth mentioning that Ken Gray and Steve Walsh’s Bryn Mawr Capital cut the largest position of the “upper crust” of funds we track, worth close to $0.8 million in stock.. Israel Englander’s fund, Millennium Management, also dropped its stock, about $0.5 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest dropped by 3 funds heading into Q2.
Insider trading activity in International Bancshares Corp (NASDAQ:IBOC)
Insider trading activity, especially when it’s bullish, is most useful when the company in focus has seen transactions within the past 180 days. Over the latest 180-day time period, International Bancshares Corp (NASDAQ:IBOC) has seen zero unique insiders buying, and 2 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to International Bancshares Corp (NASDAQ:IBOC). These stocks are BancFirst Corporation (NASDAQ:BANF), Prosperity Bancshares, Inc. (NYSE:PB), UMB Financial Corporation (NASDAQ:UMBF), Texas Capital Bancshares Inc (NASDAQ:TCBI), and First Financial Bankshares Inc (NASDAQ:FFIN). This group of stocks are in the regional – southwest banks industry and their market caps resemble IBOC’s market cap.