ICICI Bank (NYSE:IBN) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of ICICI Bank (NYSE:IBN) in a report issued on Friday morning, MarketBeat Ratings reports. The brokerage issued a buy rating on the bank’s stock.

Several other analysts have also issued reports on the stock. Zacks Research raised shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Wall Street Zen raised shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Weiss Ratings lowered shares of 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 report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

ICICI Bank Stock Down 0.1%

IBN stock opened at $29.88 on Friday. The company has a market cap of $107.21 billion, a price-to-earnings ratio of 18.91, a P/E/G ratio of 1.63 and a beta of 0.42. ICICI Bank has a twelve month low of $25.08 and a twelve month high of $33.17. The business has a 50 day moving average price of $29.43 and a two-hundred day moving average price of $28.28. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings data on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. Analysts anticipate that ICICI Bank will post 1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On ICICI Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC raised its position in shares of ICICI Bank by 855.2% in the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $25,000 after purchasing an additional 744 shares during the period. Advisory Services Network LLC bought a new stake in shares of ICICI Bank during the 3rd quarter worth about $25,000. Transamerica Financial Advisors LLC grew its stake in ICICI Bank by 487.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after buying an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new stake in ICICI Bank during the fourth quarter worth approximately $39,000. Finally, McMillan Office Inc. acquired a new stake in ICICI Bank during the fourth quarter worth approximately $49,000. 18.18% of the stock is owned by institutional investors.

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.