ICICI Bank (NYSE:IBN) Downgraded by Wall Street Zen to Sell

ICICI Bank (NYSE:IBN) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of ICICI Bank in a research report on Monday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

ICICI Bank Trading Down 0.0%

Shares of IBN stock opened at $30.03 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $107.33 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 1.39 and a beta of 0.42. ICICI Bank has a 12-month low of $27.42 and a 12-month high of $34.56. The stock’s 50-day moving average price is $30.59 and its 200-day moving average price is $31.86.

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

Institutional Trading of ICICI Bank

A number of large investors have recently made changes to their positions in IBN. Nuveen LLC bought a new stake in ICICI Bank during the 1st quarter valued at about $1,666,000. Northwestern Mutual Wealth Management Co. increased its position in shares of ICICI Bank by 53.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank’s stock worth $48,000 after acquiring an additional 528 shares during the period. Axiom Investors LLC DE raised its stake in shares of ICICI Bank by 7.2% during the first quarter. Axiom Investors LLC DE now owns 8,033,218 shares of the bank’s stock valued at $253,207,000 after acquiring an additional 539,038 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of ICICI Bank by 34.2% in the first quarter. The Manufacturers Life Insurance Company now owns 794,262 shares of the bank’s stock valued at $25,035,000 after purchasing an additional 202,469 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. grew its stake in ICICI Bank by 1.7% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 24,047 shares of the bank’s stock worth $758,000 after purchasing an additional 398 shares in the last quarter. 18.18% of the stock is 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.