ICICI Bank Ltd. (IBN) Stock Price Down 5.7%
ICICI Bank Ltd. (NYSE:IBN) fell 5.7% on Friday . The company traded as low as $7.45 and last traded at $7.55, with a volume of 12,528,012 shares traded. The stock had previously closed at $8.01.
A number of brokerages have recently weighed in on IBN. Goldman Sachs Group Inc. lowered ICICI Bank from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 3rd. JPMorgan Chase & Co. lowered ICICI Bank from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 16th. Finally, Credit Suisse Group AG upgraded ICICI Bank from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $12.00.
The firm’s 50 day moving average is $7.46 and its 200-day moving average is $6.88. The stock has a market cap of $22.04 billion and a P/E ratio of 14.69.
A number of large investors recently modified their holdings of the stock. 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 worth $20,358,000 after buying an additional 260,000 shares during the period. 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 worth $16,645,000 after buying an additional 525,340 shares during the period. New Vernon Capital Holdings II LLC bought a new stake in shares of ICICI Bank during the fourth quarter worth about $2,153,000. Mizuho Trust & Banking Co. Ltd. increased its stake 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 worth $1,238,000 after buying an additional 667 shares during the period. Finally, Comerica Bank increased its stake in shares of 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 during the period.
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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