ICICI Bank Ltd (NYSE:IBN) gapped up prior to trading on Tuesday . The stock had previously closed at $11.76, but opened at $11.64. ICICI Bank shares last traded at $11.40, with a volume of 139721 shares changing hands.

A number of brokerages have recently issued reports on IBN. ValuEngine cut shares of ICICI Bank from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Goldman Sachs Group raised shares of ICICI Bank from a “buy” rating to a “conviction-buy” rating in a report on Monday, April 15th. Zacks Investment Research raised shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Tuesday, April 9th. Standpoint Research cut shares of ICICI Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Finally, Sanford C. Bernstein raised shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a report on Monday, February 4th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $12.00.

A number of institutional investors have recently added to or reduced their stakes in the business. Lindbrook Capital LLC raised its holdings in ICICI Bank by 21.3% in the 1st quarter. Lindbrook Capital LLC now owns 5,469 shares of the bank’s stock valued at $62,000 after acquiring an additional 962 shares during the period. Advisor Group Inc. raised its holdings in ICICI Bank by 2.2% in the 1st quarter. Advisor Group Inc. now owns 49,193 shares of the bank’s stock valued at $563,000 after acquiring an additional 1,074 shares during the period. Rehmann Capital Advisory Group raised its holdings in ICICI Bank by 28.3% in the 4th quarter. Rehmann Capital Advisory Group now owns 6,069 shares of the bank’s stock valued at $62,000 after acquiring an additional 1,339 shares during the period. Brinker Capital Inc. raised its holdings in ICICI Bank by 13.1% in the 1st quarter. Brinker Capital Inc. now owns 15,512 shares of the bank’s stock valued at $178,000 after acquiring an additional 1,800 shares during the period. Finally, BB&T Securities LLC raised its holdings in ICICI Bank by 13.7% in the 4th quarter. BB&T Securities LLC now owns 16,223 shares of the bank’s stock valued at $166,000 after acquiring an additional 1,950 shares during the period. 23.16% of the stock is currently owned by hedge funds and other institutional investors.

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About ICICI Bank (NYSE:IBN)

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

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