ICICI Bank (NYSE:IBN) Issues Earnings Results

ICICI Bank (NYSE:IBN) issued its quarterly earnings results on Thursday. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03), Zacks reports. The firm had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $3.41 billion. ICICI Bank had a return on equity of 14.27% and a net margin of 24.57%.

ICICI Bank Stock Performance

Shares of IBN stock opened at $29.18 on Friday. The company has a market capitalization of $104.33 billion, a P/E ratio of 18.47, a PEG ratio of 1.37 and a beta of 0.39. ICICI Bank has a fifty-two week low of $27.46 and a fifty-two week high of $34.56. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average price of $30.46 and a two-hundred day moving average price of $31.48.

Institutional Investors Weigh In On ICICI Bank

Several institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in shares of ICICI Bank in the third quarter valued at about $25,000. Brown Brothers Harriman & Co. increased its holdings in ICICI Bank by 85.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,838 shares of the bank’s stock valued at $56,000 after purchasing an additional 845 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in ICICI Bank by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank’s stock valued at $72,000 after purchasing an additional 625 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in ICICI Bank in the 2nd quarter worth approximately $75,000. Finally, Rakuten Securities Inc. lifted its holdings in ICICI Bank by 74.5% in the 2nd quarter. Rakuten Securities Inc. now owns 2,650 shares of the bank’s stock worth $89,000 after buying an additional 1,131 shares during the period. Hedge funds and other institutional investors own 18.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IBN. Wall Street Zen lowered ICICI Bank from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings upgraded shares of ICICI Bank from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, ICICI Bank currently has an average rating of “Buy”.

ICICI Bank Company Profile

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.