ICICI Bank (NYSE:IBN) Downgraded to “Strong Sell” Rating by Wall Street Zen

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

Separately, Weiss Ratings cut ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, February 18th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, ICICI Bank has an average rating of “Hold”.

ICICI Bank Stock Performance

Shares of IBN opened at $27.73 on Friday. The stock’s 50-day simple moving average is $28.53 and its 200 day simple moving average is $29.87. The stock has a market capitalization of $99.28 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.29 and a beta of 0.47. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.02 and a current ratio of 1.02. ICICI Bank has a 52-week low of $25.08 and a 52-week high of $34.56.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%.The company had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Research analysts forecast that ICICI Bank will post 1.53 EPS for the current fiscal year.

Hedge Funds Weigh In On ICICI Bank

A number of large investors have recently modified their holdings of the company. Corient Private Wealth LLC raised its holdings in shares of ICICI Bank by 1.0% during the 4th quarter. Corient Private Wealth LLC now owns 97,804 shares of the bank’s stock valued at $2,915,000 after buying an additional 990 shares in the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of ICICI Bank during the 4th quarter valued at about $34,845,000. Ovata Capital Management Ltd purchased a new position in shares of ICICI Bank during the 4th quarter valued at about $4,306,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of ICICI Bank by 34,093.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 14,703 shares of the bank’s stock valued at $438,000 after buying an additional 14,660 shares in the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of ICICI Bank by 92.5% during the 4th quarter. Virtu Financial LLC now owns 54,705 shares of the bank’s stock valued at $1,630,000 after buying an additional 26,286 shares in the last quarter. 18.18% of the stock is owned by hedge funds and other institutional investors.

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.