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

ICICI Bank (NYSE:IBN) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Friday.

ICICI Bank Trading Down 1.9%

Shares of ICICI Bank stock opened at $32.7050 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62. The firm has a market cap of $116.74 billion, a price-to-earnings ratio of 20.19, a price-to-earnings-growth ratio of 2.09 and a beta of 0.61. The business has a fifty day simple moving average of $33.29 and a 200-day simple moving average of $32.09. ICICI Bank has a fifty-two week low of $27.42 and a fifty-two week high of $34.56.

ICICI Bank (NYSE:IBN) last announced its earnings results on Saturday, July 19th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%.The business had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.29 billion. On average, equities analysts forecast that ICICI Bank will post 1.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IBN. First National Bank of Hutchinson grew its holdings in ICICI Bank by 3.0% in the 1st quarter. First National Bank of Hutchinson now owns 10,904 shares of the bank’s stock valued at $344,000 after buying an additional 319 shares during the last quarter. Mayflower Financial Advisors LLC grew its holdings in ICICI Bank by 4.8% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 7,263 shares of the bank’s stock valued at $244,000 after buying an additional 334 shares during the last quarter. Wealthstream Advisors Inc. grew its holdings in ICICI Bank by 3.5% in the 1st quarter. Wealthstream Advisors Inc. now owns 10,245 shares of the bank’s stock valued at $323,000 after buying an additional 344 shares during the last quarter. Drive Wealth Management LLC grew its holdings in ICICI Bank by 3.4% in the 2nd quarter. Drive Wealth Management LLC now owns 10,941 shares of the bank’s stock valued at $368,000 after buying an additional 357 shares during the last quarter. Finally, Golden State Equity Partners grew its holdings in ICICI Bank by 5.2% in the 1st quarter. Golden State Equity Partners now owns 7,360 shares of the bank’s stock valued at $232,000 after buying an additional 367 shares during the last quarter. 18.18% of the stock is owned by institutional investors and hedge funds.

About ICICI Bank

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