ICICI Bank Ltd. (NYSE:IBN) shares gapped up before the market opened on Thursday . The stock had previously closed at $7.15, but opened at $7.17. ICICI Bank shares last traded at $7.24, with a volume of 4,622,852 shares traded.

IBN has been the subject of several research analyst reports. Credit Suisse Group AG upgraded shares of ICICI Bank from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 21st. JPMorgan Chase & Co. downgraded shares of ICICI Bank from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 16th. Finally, Goldman Sachs Group Inc. downgraded shares of ICICI Bank from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. ICICI Bank currently has a consensus rating of “Hold” and an average price target of $12.00.

The stock has a market capitalization of $20.90 billion and a price-to-earnings ratio of 13.77. The stock has a 50 day moving average price of $7.47 and a 200 day moving average price of $6.92.

Several hedge funds have recently modified their holdings of IBN. Crestwood Capital Management L.P. increased its stake in shares of ICICI Bank by 11.1% in the fourth quarter. Crestwood Capital Management L.P. now owns 2,600,000 shares of the company’s stock valued at $20,358,000 after buying an additional 260,000 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of ICICI Bank by 32.8% in the fourth quarter. BNP Paribas Arbitrage SA now owns 2,125,809 shares of the company’s stock valued at $16,645,000 after buying an additional 525,340 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. increased its stake in ICICI Bank by 0.4% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 159,117 shares of the company’s stock worth $1,238,000 after buying an additional 667 shares in the last quarter. Finally, Comerica Bank increased its stake in ICICI Bank by 33.2% in the fourth quarter. Comerica Bank now owns 212,283 shares of the company’s stock worth $1,514,000 after buying an additional 52,946 shares in the last quarter.

ICICI Bank Limited is a banking company. The Bank is a financial services group providing a range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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