ICICI Bank (NYSE:IBN) Upgraded by Wall Street Zen to “Hold” Rating

ICICI Bank (NYSE:IBN) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Friday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of ICICI Bank in a research note on Monday. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

ICICI Bank Price Performance

NYSE:IBN traded up $0.23 during trading hours on Friday, reaching $31.24. 2,746,981 shares of the company traded hands, compared to its average volume of 4,667,229. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.00. The firm’s 50-day moving average is $30.94 and its 200-day moving average is $32.38. The stock has a market cap of $111.62 billion, a P/E ratio of 19.28, a P/E/G ratio of 1.53 and a beta of 0.55. ICICI Bank has a 1-year low of $27.42 and a 1-year high of $34.56.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Saturday, October 18th. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. ICICI Bank had a return on equity of 14.91% and a net margin of 24.91%.The company had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $3.37 billion. Equities research analysts expect that ICICI Bank will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

Institutional investors have recently added to or reduced their stakes in the company. GQG Partners LLC raised its holdings in shares of ICICI Bank by 20.6% in the 1st quarter. GQG Partners LLC now owns 77,407,725 shares of the bank’s stock worth $2,439,891,000 after purchasing an additional 13,222,098 shares during the period. WCM Investment Management LLC increased its position in ICICI Bank by 1.6% during the 2nd quarter. WCM Investment Management LLC now owns 54,453,980 shares of the bank’s stock worth $1,844,356,000 after purchasing an additional 840,619 shares in the last quarter. New Vernon Capital Holdings II LLC raised its holdings in ICICI Bank by 3,336.5% in the first quarter. New Vernon Capital Holdings II LLC now owns 26,159,740 shares of the bank’s stock valued at $829,941,000 after buying an additional 25,398,509 shares during the period. Invesco Ltd. lifted its position in ICICI Bank by 4.1% during the third quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock valued at $707,602,000 after buying an additional 928,329 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in ICICI Bank by 9.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 18,972,921 shares of the bank’s stock worth $573,551,000 after buying an additional 1,602,152 shares during the period. Hedge funds and other institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

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