Wall Street Zen Upgrades ICICI Bank (NYSE:IBN) to “Hold”

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

Several other research firms have also issued reports on IBN. The Goldman Sachs Group started coverage on shares of ICICI Bank in a research report on Friday, August 21st. They issued a “buy” rating on the stock. Zacks Research raised ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings cut ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Sanford C. Bernstein raised shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

ICICI Bank Trading Up 0.3%

NYSE:IBN opened at $29.97 on Friday. The firm’s 50 day moving average is $29.63 and its 200 day moving average is $28.25. ICICI Bank has a 12 month low of $25.08 and a 12 month high of $33.03. The stock has a market capitalization of $107.53 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.63 and a beta of 0.42. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57.

ICICI Bank (NYSE:IBN) last issued its earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%.The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $3.32 billion. Sell-side analysts expect that ICICI Bank will post 1.66 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

A number of large investors have recently added to or reduced their stakes in the company. Mirabaud Asset Management Ltd purchased a new position in shares of ICICI Bank during the fourth quarter valued at approximately $1,018,000. Drive Wealth Management LLC raised its holdings in shares of ICICI Bank by 8.0% during the fourth quarter. Drive Wealth Management LLC now owns 11,666 shares of the bank’s stock valued at $348,000 after acquiring an additional 869 shares in the last quarter. Bryn Mawr Trust Advisors LLC lifted its stake in ICICI Bank by 6.7% in the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 10,085 shares of the bank’s stock worth $301,000 after acquiring an additional 634 shares during the period. Ethic Inc. lifted its stake in ICICI Bank by 1.8% in the fourth quarter. Ethic Inc. now owns 281,291 shares of the bank’s stock worth $8,382,000 after acquiring an additional 4,891 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in ICICI Bank by 5.6% in the fourth quarter. Ballentine Partners LLC now owns 12,552 shares of the bank’s stock valued at $374,000 after acquiring an additional 663 shares in the last quarter. Institutional investors 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.