ICICI Bank (NYSE:IBN) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of ICICI Bank (NYSE:IBN) from a sell rating to a hold rating in a research note published on Wednesday.

ICICI Bank Stock Performance

NYSE IBN opened at $31.28 on Wednesday. ICICI Bank has a 52-week low of $25.13 and a 52-week high of $32.14. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $110.46 billion, a P/E ratio of 20.71, a P/E/G ratio of 1.53 and a beta of 1.01. The company has a fifty day moving average of $28.67 and a 200-day moving average of $29.61.

ICICI Bank (NYSE:IBN) last posted its quarterly earnings data on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a net margin of 24.40% and a return on equity of 15.61%. As a group, equities research analysts predict that ICICI Bank will post 1.53 EPS for the current fiscal year.

Institutional Trading of ICICI Bank

Several hedge funds have recently added to or reduced their stakes in IBN. Thrivent Financial for Lutherans lifted its stake in ICICI Bank by 12.7% in the third quarter. Thrivent Financial for Lutherans now owns 526,927 shares of the bank’s stock worth $15,729,000 after purchasing an additional 59,209 shares during the last quarter. Pathstone Holdings LLC raised its stake in shares of ICICI Bank by 5.2% during the third quarter. Pathstone Holdings LLC now owns 379,642 shares of the bank’s stock valued at $11,332,000 after acquiring an additional 18,907 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of ICICI Bank during the third quarter valued at about $6,111,000. NS Partners Ltd raised its stake in shares of ICICI Bank by 76.4% during the third quarter. NS Partners Ltd now owns 34,400 shares of the bank’s stock valued at $1,027,000 after acquiring an additional 14,900 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of ICICI Bank by 10.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,128,885 shares of the bank’s stock valued at $63,547,000 after acquiring an additional 208,134 shares during the last quarter. 18.18% of the stock is owned by institutional investors.

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.