ICICI Bank (NYSE:IBN) Releases Earnings Results, Misses Estimates By $0.03 EPS

ICICI Bank (NYSE:IBN) posted its quarterly earnings results on Thursday. The bank reported $0.35 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.03), Zacks reports. ICICI Bank had a net margin of 24.57% and a return on equity of 14.27%. The business had revenue of $8.53 billion during the quarter, compared to analyst estimates of $3.41 billion.

ICICI Bank Price Performance

Shares of NYSE:IBN opened at $29.05 on Friday. The stock has a market cap of $103.85 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.37 and a beta of 0.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. ICICI Bank has a 12 month low of $27.46 and a 12 month high of $34.56. The stock’s 50 day moving average price is $30.46 and its 200 day moving average price is $31.48.

Wall Street Analysts Forecast Growth

IBN has been the topic of a number of research reports. Wall Street Zen cut ICICI Bank from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Weiss Ratings upgraded ICICI Bank from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy”.

Hedge Funds Weigh In On ICICI Bank

Several hedge funds have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in shares of ICICI Bank in the 3rd quarter valued at $25,000. Brown Brothers Harriman & Co. raised its holdings in shares of ICICI Bank by 85.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,838 shares of the bank’s stock valued at $56,000 after acquiring an additional 845 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of ICICI Bank by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank’s stock valued at $72,000 after acquiring an additional 625 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in ICICI Bank in the 2nd quarter worth approximately $75,000. Finally, Rakuten Securities Inc. boosted its stake in ICICI Bank by 74.5% in the 2nd quarter. Rakuten Securities Inc. now owns 2,650 shares of the bank’s stock worth $89,000 after purchasing an additional 1,131 shares during the period. 18.18% of the stock is currently owned by institutional investors and hedge funds.

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.