ICICI Bank (NYSE:IBN) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of ICICI Bank (NYSE:IBN) from a hold rating to a strong sell rating in a report published on Wednesday morning,Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings downgraded ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, February 18th. Wall Street Zen downgraded ICICI Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 11th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce”.

ICICI Bank Stock Up 1.6%

NYSE:IBN opened at $28.84 on Wednesday. The company’s 50-day simple moving average is $28.29 and its 200-day simple moving average is $29.78. 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 fifty-two week low of $25.08 and a fifty-two week high of $34.56. The stock has a market capitalization of $103.26 billion, a P/E ratio of 18.26, a P/E/G ratio of 1.35 and a beta of 0.47.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in shares of ICICI Bank by 8.0% during the fourth quarter. Morgan Stanley now owns 53,772,858 shares of the bank’s stock valued at $1,602,431,000 after buying an additional 3,974,437 shares during the last quarter. Temasek Holdings Private Ltd raised its stake in ICICI Bank by 11.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 29,195,789 shares of the bank’s stock worth $870,035,000 after acquiring an additional 2,964,312 shares during the last quarter. Invesco Ltd. lifted its position in ICICI Bank by 4.1% during the 3rd quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock worth $707,602,000 after acquiring an additional 928,329 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in ICICI Bank by 9.2% during the 3rd 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. Finally, Dimensional Fund Advisors LP increased its holdings in shares of ICICI Bank by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,733,336 shares of the bank’s stock valued at $349,660,000 after purchasing an additional 135,945 shares during the period. Hedge funds and other institutional investors own 18.18% of the company’s stock.

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.