ICICI Bank (NYSE:IBN) Stock Rating Upgraded by Wall Street Zen

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

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ICICI Bank in a report on Monday, November 24th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

ICICI Bank Stock Performance

Shares of NYSE IBN opened at $31.24 on Friday. The firm’s 50-day moving average price is $30.94 and its 200-day moving average price is $32.37. ICICI Bank has a 52-week low of $27.42 and a 52-week high of $34.56. The company has a market cap of $111.62 billion, a PE ratio of 19.28, a PEG ratio of 1.53 and a beta of 0.55. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Saturday, October 18th. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. ICICI Bank had a return on equity of 14.91% and a net margin of 24.91%.The firm had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $3.37 billion. As a group, analysts anticipate that ICICI Bank will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IBN. GQG Partners LLC increased its stake in ICICI Bank by 20.6% in the 1st quarter. GQG Partners LLC now owns 77,407,725 shares of the bank’s stock worth $2,439,891,000 after acquiring an additional 13,222,098 shares during the last quarter. WCM Investment Management LLC grew its holdings in shares of ICICI Bank by 1.6% in the second quarter. WCM Investment Management LLC now owns 54,453,980 shares of the bank’s stock valued at $1,844,356,000 after purchasing an additional 840,619 shares in the last quarter. New Vernon Capital Holdings II LLC increased its position in ICICI Bank by 3,336.5% in the first quarter. New Vernon Capital Holdings II LLC now owns 26,159,740 shares of the bank’s stock worth $829,941,000 after purchasing an additional 25,398,509 shares during the last quarter. Invesco Ltd. raised its stake in ICICI Bank by 4.1% during the third quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock valued at $707,602,000 after purchasing an additional 928,329 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in ICICI Bank by 9.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 18,972,921 shares of the bank’s stock valued at $573,551,000 after purchasing an additional 1,602,152 shares during the last quarter. Institutional investors own 18.18% of the company’s stock.

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.