ICICI Bank (NYSE:IBN) CEO Sells $373,735.05 in Stock

ICICI Bank Limited (NYSE:IBN) CEO Sandeep Bakhshi sold 24,999 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total transaction of $373,735.05. Following the completion of the sale, the chief executive officer owned 1,071,301 shares of the company’s stock, valued at approximately $16,015,949.95. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

ICICI Bank Trading Down 0.0%

NYSE:IBN opened at $27.59 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04. The firm has a market cap of $98.79 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 1.40 and a beta of 0.47. ICICI Bank Limited has a 52 week low of $25.08 and a 52 week high of $34.56. The firm has a 50-day moving average price of $28.02 and a two-hundred day moving average price of $29.69.

Institutional Investors Weigh In On ICICI Bank

Several large investors have recently modified their holdings of IBN. National Bank of Canada FI increased its stake in shares of ICICI Bank by 18,147.4% during the 3rd quarter. National Bank of Canada FI now owns 4,356,752 shares of the bank’s stock worth $131,705,000 after purchasing an additional 4,332,876 shares during the last quarter. North of South Capital LLP increased its stake in shares of ICICI Bank by 128.2% during the 4th quarter. North of South Capital LLP now owns 7,388,440 shares of the bank’s stock worth $220,176,000 after purchasing an additional 4,150,207 shares during the last quarter. Carrhae Capital LLP purchased a new stake in shares of ICICI Bank during the 3rd quarter worth approximately $120,997,000. Morgan Stanley increased its stake in shares of ICICI Bank by 8.0% during the 4th quarter. Morgan Stanley now owns 53,772,858 shares of the bank’s stock worth $1,602,431,000 after purchasing an additional 3,974,437 shares during the last quarter. Finally, Man Group plc increased its stake in shares of ICICI Bank by 244.1% during the 2nd quarter. Man Group plc now owns 5,555,858 shares of the bank’s stock worth $186,899,000 after purchasing an additional 3,941,439 shares during the last quarter. Hedge funds and other institutional investors own 18.18% of the company’s stock.

Analysts Set New Price Targets

IBN has been the subject of several analyst reports. Zacks Research lowered shares of ICICI Bank from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 15th. Weiss Ratings lowered shares of ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, ICICI Bank presently has an average rating of “Reduce”.

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.