ICICI Bank Ltd. (IBN) Sees Strong Trading Volume
ICICI Bank Ltd. (NYSE:IBN) saw strong trading volume on Wednesday . 13,717,882 shares were traded during mid-day trading, an increase of 60% from the previous session’s volume of 8,594,625 shares.The stock last traded at $7.95 and had previously closed at $7.83.
A number of equities research analysts have recently commented on the stock. Goldman Sachs Group Inc. cut shares of ICICI Bank from a “buy” rating to a “neutral” rating in a report on Tuesday, May 3rd. JPMorgan Chase & Co. cut shares of ICICI Bank from an “overweight” rating to a “neutral” rating in a report on Thursday, June 16th. Finally, Credit Suisse Group AG raised shares of ICICI Bank from a “neutral” rating to an “outperform” rating in a report on Thursday, April 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.00.
The stock has a market capitalization of $23.20 billion and a PE ratio of 15.41. The stock has a 50-day moving average of $7.45 and a 200-day moving average of $6.87.
A number of hedge funds and institutional investors recently made changes to their positions in the company. Mizuho Trust & Banking Co. Ltd. raised its position in shares of ICICI Bank by 0.4% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 159,117 shares of the company’s stock valued at $1,238,000 after buying an additional 667 shares in the last quarter. Comerica Bank raised its position in shares of ICICI Bank by 33.2% in the fourth quarter. Comerica Bank now owns 212,283 shares of the company’s stock valued at $1,514,000 after buying an additional 52,946 shares in the last quarter. New Vernon Capital Holdings II LLC bought a new position in shares of ICICI Bank during the fourth quarter valued at $2,153,000. Herndon Capital Management LLC bought a new position in shares of ICICI Bank during the fourth quarter valued at $2,154,000. Finally, BNP Paribas Arbitrage SA raised its position 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 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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