Zacks: ICICI Bank Ltd. (NYSE:IBN) Receives Average Rating of “Strong Buy” from Brokerages
Shares of ICICI Bank Ltd. (NYSE:IBN) have earned an average broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy rating.
Analysts have set a twelve-month consensus price target of $9.70 for the company, according to Zacks. Zacks has also given ICICI Bank an industry rank of 79 out of 265 based on the ratings given to its competitors.
Separately, JPMorgan Chase & Co. cut shares of ICICI Bank from an “overweight” rating to a “neutral” rating in a research note on Thursday, June 16th.
Shares of ICICI Bank (NYSE:IBN) remained flat at $7.50 during trading on Monday. 1,585,792 shares of the stock traded hands. ICICI Bank has a 1-year low of $5.15 and a 1-year high of $9.27. The firm has a market capitalization of $21.81 billion, a P/E ratio of 14.31 and a beta of 1.98. The stock’s 50-day moving average is $7.78 and its 200-day moving average is $7.36.
Several hedge funds have recently modified their holdings of IBN. AMP Capital Investors Ltd boosted its stake in shares of ICICI Bank by 3.0% in the first quarter. AMP Capital Investors Ltd now owns 224,100 shares of the company’s stock worth $1,591,000 after buying an additional 6,500 shares during the period. Renaissance Technologies LLC boosted its stake in shares of ICICI Bank by 167.0% in the first quarter. Renaissance Technologies LLC now owns 6,111,200 shares of the company’s stock worth $43,756,000 after buying an additional 3,822,000 shares during the period. Prudential PLC purchased a new stake in shares of ICICI Bank during the first quarter worth approximately $150,000. Geode Capital Management LLC boosted its stake in shares of ICICI Bank by 121.6% in the first quarter. Geode Capital Management LLC now owns 197,241 shares of the company’s stock worth $1,412,000 after buying an additional 108,241 shares during the period. Finally, Altrinsic Global Advisors LLC boosted its stake in shares of ICICI Bank by 29.0% in the first quarter. Altrinsic Global Advisors LLC now owns 14,219,933 shares of the company’s stock worth $101,814,000 after buying an additional 3,198,118 shares during the period. 22.47% of the stock is currently owned by institutional investors.
About ICICI Bank
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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