ICICI Bank Ltd (IBN) Given Average Rating of “Buy” by Brokerages
Shares of ICICI Bank Ltd (NYSE:IBN) have been assigned an average recommendation of “Buy” from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $9.50.
Several research firms have issued reports on IBN. Jefferies Group upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating in a research note on Monday, October 30th. Morgan Stanley upgraded shares of ICICI Bank from an “underweight” rating to an “overweight” rating in a research note on Wednesday, October 25th. ValuEngine downgraded shares of ICICI Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Tuesday, September 26th. Finally, BidaskClub upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th.
Several institutional investors and hedge funds have recently made changes to their positions in IBN. Harding Loevner LP boosted its stake in shares of ICICI Bank by 144.2% during the third quarter. Harding Loevner LP now owns 121,859,547 shares of the bank’s stock worth $348,926,000 after buying an additional 71,952,293 shares during the period. BT Investment Management Ltd acquired a new stake in shares of ICICI Bank during the second quarter worth about $86,396,000. Lazard Asset Management LLC boosted its stake in shares of ICICI Bank by 90.0% during the second quarter. Lazard Asset Management LLC now owns 19,738,017 shares of the bank’s stock worth $177,050,000 after buying an additional 9,351,380 shares during the period. Baillie Gifford & Co. boosted its stake in shares of ICICI Bank by 34.1% during the third quarter. Baillie Gifford & Co. now owns 28,409,871 shares of the bank’s stock worth $243,188,000 after buying an additional 7,216,548 shares during the period. Finally, Black Creek Investment Management Inc. boosted its stake in shares of ICICI Bank by 18.2% during the second quarter. Black Creek Investment Management Inc. now owns 31,817,417 shares of the bank’s stock worth $285,402,000 after buying an additional 4,889,079 shares during the period. Institutional investors and hedge funds own 21.95% of the company’s stock.
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About ICICI Bank
ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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