Dennis E. Nixon, CEO of International Bancshares Corp (NASDAQ:IBOC), recently sold a significant portion of the company's stock, according to a recent SEC filing. The transactions, executed over two days, involved the sale of a total of 100,000 shares.
On November 12, Nixon sold 34,815 shares at a weighted average price of $72.18, while on November 13, he sold an additional 65,185 shares at a weighted average price of $71.47. The total value of these transactions amounted to approximately $7.17 million.
Following these sales, Nixon holds 965,185 shares through a partnership, as well as 648,382 shares directly and 284,371 shares indirectly held by his wife.
InvestingPro Insights
While Dennis E. Nixon's recent stock sale might raise eyebrows, it's essential to consider International Bancshares Corp's (NASDAQ:IBOC) overall financial health and market performance. According to InvestingPro data, IBOC boasts a market capitalization of $4.47 billion and a P/E ratio of 11.12, suggesting a relatively attractive valuation compared to industry peers.
The company's strong financial position is further underscored by its dividend history. An InvestingPro Tip reveals that IBOC has raised its dividend for 15 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's impressive 53.56% price total return over the past year.
Moreover, IBOC's stock is currently trading near its 52-week high, with a price that's 96.91% of its peak. This performance aligns with another InvestingPro Tip highlighting the company's strong returns over the last month and three months, indicating positive momentum.
Investors seeking a deeper understanding of IBOC's financial health and growth prospects can access additional insights through InvestingPro, which offers 8 more tips for this stock.
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