ICICI Bank Ltd (IBN) Shares Bought by Letko Brosseau & Associates Inc.
Letko Brosseau & Associates Inc. raised its position in ICICI Bank Ltd (NYSE:IBN) by 12.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,013,400 shares of the bank’s stock after acquiring an additional 223,700 shares during the period. Letko Brosseau & Associates Inc.’s holdings in ICICI Bank were worth $19,590,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beacon Investment Advisory Services Inc. bought a new stake in ICICI Bank in the 3rd quarter valued at approximately $100,000. SeaCrest Wealth Management LLC bought a new stake in ICICI Bank in the 4th quarter valued at approximately $107,000. Teacher Retirement System of Texas bought a new stake in ICICI Bank in the 3rd quarter valued at approximately $110,000. Lake Street Advisors Group LLC bought a new stake in ICICI Bank in the 4th quarter valued at approximately $112,000. Finally, Fox Run Management L.L.C. bought a new stake in ICICI Bank in the 4th quarter valued at approximately $120,000. Hedge funds and other institutional investors own 21.81% of the company’s stock.
Several equities research analysts have commented on the company. Morgan Stanley assumed coverage on ICICI Bank in a research note on Tuesday, January 16th. They issued an “overweight” rating on the stock. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Monday, January 8th. Finally, ValuEngine cut ICICI Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. ICICI Bank currently has an average rating of “Buy” and an average target price of $11.00.
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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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