Erste Group Bank Predicts Lower Earnings for ICICI Bank

ICICI Bank Limited (NYSE:IBN) – Stock analysts at Erste Group Bank cut their FY2027 EPS estimates for shares of ICICI Bank in a research note issued to investors on Wednesday, July 15th. Erste Group Bank analyst S. Lingnau now anticipates that the bank will earn $1.64 per share for the year, down from their prior estimate of $1.67. The consensus estimate for ICICI Bank’s current full-year earnings is $1.64 per share. Erste Group Bank also issued estimates for ICICI Bank’s FY2028 earnings at $1.89 EPS.

Other analysts also recently issued reports about the company. Zacks Research upgraded ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings downgraded ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, ICICI Bank has an average rating of “Hold”.

ICICI Bank Price Performance

IBN stock opened at $29.75 on Monday. The firm has a market cap of $106.71 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.64 and a beta of 0.43. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. ICICI Bank has a 12-month low of $25.08 and a 12-month high of $34.56. The company’s fifty day simple moving average is $27.60 and its 200 day simple moving average is $28.34.

Insider Activity

In related news, Director Rakesh Jha sold 45,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $14.49, for a total transaction of $652,050.00. Following the transaction, the director directly owned 120,875 shares of the company’s stock, valued at $1,751,478.75. This represents a 27.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hedge Funds Weigh In On ICICI Bank

Institutional investors have recently made changes to their positions in the stock. Bank Pictet & Cie Europe AG increased its stake in ICICI Bank by 17.3% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 47,297 shares of the bank’s stock valued at $1,409,000 after purchasing an additional 6,968 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of ICICI Bank by 5.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 469,477 shares of the bank’s stock valued at $14,080,000 after buying an additional 25,379 shares in the last quarter. TrueMark Investments LLC bought a new position in shares of ICICI Bank in the fourth quarter valued at $887,000. Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of ICICI Bank by 13.4% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 123,827 shares of the bank’s stock valued at $3,690,000 after buying an additional 14,586 shares during the last quarter. Finally, Mayflower Financial Advisors LLC increased its position in shares of ICICI Bank by 19.5% during the fourth quarter. Mayflower Financial Advisors LLC now owns 8,799 shares of the bank’s stock worth $262,000 after acquiring an additional 1,436 shares in the last quarter. Institutional investors and hedge funds own 18.18% of the company’s stock.

About ICICI Bank

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.