ICICI Bank (NYSE:IBN) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Tuesday.

A number of other equities research analysts have also recently issued reports on IBN. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Friday, January 11th. HSBC cut ICICI Bank from a “buy” rating to a “hold” rating in a research note on Friday, November 23rd. Finally, Sanford C. Bernstein upgraded ICICI Bank from an “underperform” rating to a “market perform” rating in a research note on Monday, February 4th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. ICICI Bank has an average rating of “Buy” and an average price target of $12.00.

Shares of ICICI Bank stock opened at $11.41 on Tuesday. ICICI Bank has a 12-month low of $7.61 and a 12-month high of $11.49. The company has a market cap of $36.71 billion, a PE ratio of 35.66 and a beta of 0.95.

A number of institutional investors and hedge funds have recently bought and sold shares of IBN. Baillie Gifford & Co. raised its stake in ICICI Bank by 45.8% in the 3rd quarter. Baillie Gifford & Co. now owns 63,026,111 shares of the bank’s stock valued at $535,091,000 after acquiring an additional 19,805,081 shares during the period. Hardman Johnston Global Advisors LLC raised its stake in ICICI Bank by 254.1% in the 4th quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock valued at $149,508,000 after acquiring an additional 10,426,347 shares during the period. OppenheimerFunds Inc. raised its stake in ICICI Bank by 10.3% in the 3rd quarter. OppenheimerFunds Inc. now owns 80,158,860 shares of the bank’s stock valued at $680,547,000 after acquiring an additional 7,490,600 shares during the period. LMR Partners LLP bought a new stake in ICICI Bank in the 4th quarter valued at $70,895,000. Finally, FMR LLC raised its stake in ICICI Bank by 56.2% in the 3rd quarter. FMR LLC now owns 18,441,665 shares of the bank’s stock valued at $156,570,000 after acquiring an additional 6,631,895 shares during the period. Institutional investors and hedge funds own 23.16% of the company’s stock.

About ICICI Bank

ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.

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