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Short sellers could have rattled off problem after problem with this regional bank, which operates in Texas and Oklahoma. International Bancshares [IBOC
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] wasn’t transparent enough about its business, the shorts said, nor was there enough money set aside for loan losses. Also, with $1.4 billion in real estate and construction loans maturing, an area to which IBOC had big exposure, there was even more reason for worry. Not to mention, many of the region’s other banks were in trouble as well.
So it’s no wonder that 21% of IBOC’s float was being sold short as of April 9. The pressure pushed the stock down to $7 from $35, as investors all but assumed this bank was in big trouble.
But Cramer knew better. IBOC was just too hated by that point. The negativity, while legitimate on many levels, grew beyond what was warranted given the company’s problems. So a rebound was almost inevitable, especially after the good news we got yesterday regarding the Treasury’s bank stress tests. A look at the IBOC’s move shows just how right Cramer was: up 86% to $13.68.
Take profits on IBOC, Cramer said. Remember – bulls make money, bears make money, hogs get slaughtered. Sure, the CEO did a great job defending his company when he appeared on Mad Money back on March 30, but Cramer doesn’t doubt at least part of the bearish case against International Bancshares. So he wants investors to play it safe and get out now.
Where should you reinvest your profits? Cramer likes Texas Capital Bancshares [TCBI
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] or Sterling Bancshares [SBIBN
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] for superior regionals in IBOC’s peer group. And he’s a fan of Huntington Bancshares [HBAN
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] as well. With the banking problem being solved and great new leadership in CEO Stephen Steinour, there’s a great chance for upside in HBAN.
Call Cramer: 1-800-743-CBNC
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