ICICI Bank (NYSE:IBN) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of ICICI Bank (NYSE:IBN) from a sell rating to a hold rating in a research report report published on Saturday morning.

Several other research analysts have also recently weighed in on the company. The Goldman Sachs Group started coverage on ICICI Bank in a research report on Friday, August 21st. They issued a “buy” rating for the company. Weiss Ratings downgraded ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Sanford C. Bernstein upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Zacks Research raised ICICI Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

ICICI Bank Stock Performance

NYSE:IBN opened at $29.97 on Friday. The company has a market cap of $107.53 billion, a P/E ratio of 18.97, 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 $33.03. The company’s 50-day moving average price is $29.63 and its 200-day moving average price is $28.27. The company has a current ratio of 1.03, a quick 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, beating the consensus estimate of $0.40 by $0.03. The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $3.32 billion. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%. On average, sell-side analysts forecast that ICICI Bank will post 1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

About ICICI Bank

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.