Is International Bancshares Corp (IBOC) A Good Stock To Buy?

Since International Bancshares Corp (NASDAQ:IBOC) has weathered falling interest from the entirety of the hedge funds we track, it’s safe to say that there lies a certain “tier” of funds that elected to cut their full holdings heading into Q4. At the top of the heap, Israel Englander’s Millennium Management dropped the biggest position of the around 700 funds tracked by Insider Monkey, worth an estimated $0.7 million in stock, and Matthew Tewksbury’s Stevens Capital Management was right behind this move, as the fund said goodbye to about $0.3 million worth of shares.

Let’s go over hedge fund activity in other stocks similar to International Bancshares Corp (NASDAQ:IBOC). These stocks are SolarCity Corp (NASDAQ:SCTY), Cohen & Steers, Inc. (NYSE:CNS), Surgical Care Affiliates Inc (NASDAQ:SCAI), and MGE Energy, Inc. (NASDAQ:MGEE). This group of stocks’ market values match IBOC’s market value.

As you can see these stocks had an average of 13.25 hedge funds with bullish positions and the average amount invested in these stocks was $72 million. That figure was $38 million in IBOC’s case. SolarCity Corp (NASDAQ:SCTY) is the most popular stock in this table. On the other hand Cohen & Steers, Inc. (NYSE:CNS) is the least popular one with only 9 bullish hedge fund positions. International Bancshares Corp (NASDAQ:IBOC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SCTY might be a better candidate to consider taking a long position in.

Disclosure: None