Victory Capital Management Inc. purchased a new stake in ICICI Bank Ltd (NYSE:IBN) in the 1st quarter, Holdings Channel reports. The institutional investor purchased 1,064,723 shares of the bank’s stock, valued at approximately $12,202,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its holdings in ICICI Bank by 0.3% during the first quarter. Baillie Gifford & Co. now owns 61,997,720 shares of the bank’s stock valued at $710,493,000 after buying an additional 157,098 shares during the period. FMR LLC lifted its stake in shares of ICICI Bank by 30.8% during the fourth quarter. FMR LLC now owns 24,113,697 shares of the bank’s stock worth $248,129,000 after buying an additional 5,672,032 shares during the period. ARGA Investment Management LP lifted its stake in shares of ICICI Bank by 2.0% during the fourth quarter. ARGA Investment Management LP now owns 16,945,330 shares of the bank’s stock worth $174,367,000 after buying an additional 328,870 shares during the period. Hardman Johnston Global Advisors LLC lifted its stake in shares of ICICI Bank by 254.1% during the fourth quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock worth $149,508,000 after buying an additional 10,426,347 shares during the period. Finally, Pendal Group Ltd lifted its stake in shares of ICICI Bank by 1.5% during the fourth quarter. Pendal Group Ltd now owns 7,842,328 shares of the bank’s stock worth $84,519,000 after buying an additional 116,264 shares during the period. Institutional investors and hedge funds own 23.16% of the company’s stock.

Several equities research analysts have recently commented on IBN shares. ValuEngine upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, March 19th. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, April 9th. Goldman Sachs Group upgraded shares of ICICI Bank from a “buy” rating to a “conviction-buy” rating in a research note on Monday, April 15th. Standpoint Research downgraded shares of ICICI Bank from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Finally, Sanford C. Bernstein upgraded shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a research report on Monday, February 4th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $12.00.

NYSE IBN traded down $0.27 on Tuesday, reaching $11.37. 39,567 shares of the company’s stock traded hands, compared to its average volume of 7,520,685. The company has a market capitalization of $37.29 billion, a PE ratio of 35.55 and a beta of 0.96. ICICI Bank Ltd has a fifty-two week low of $7.61 and a fifty-two week high of $11.72.

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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.

Read More: Book Value Per Share in Stock Trading

Want to see what other hedge funds are holding IBN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ICICI Bank Ltd (NYSE:IBN).

Institutional Ownership by Quarter for ICICI Bank (NYSE:IBN)

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