ICICI Bank Ltd. (IBN) Sees Unusually-High Trading Volume
Shares of ICICI Bank Ltd. (NYSE:IBN) saw unusually-high trading volume on Thursday . Approximately 8,735,905 shares changed hands during trading, a decline of 4% from the previous session’s volume of 9,080,982 shares.The stock last traded at $7.48 and had previously closed at $7.29.
IBN has been the subject of a number of research analyst reports. Credit Suisse Group AG upgraded ICICI Bank from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 21st. JPMorgan Chase & Co. cut ICICI Bank from an “overweight” rating to a “neutral” rating in a report on Thursday, June 16th. Finally, Goldman Sachs Group Inc. cut ICICI Bank from a “buy” rating to a “neutral” rating in a report on Tuesday, May 3rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. ICICI Bank currently has an average rating of “Hold” and an average price target of $12.00.
The firm’s 50-day moving average price is $7.53 and its 200 day moving average price is $6.93. The stock has a market cap of $21.78 billion and a P/E ratio of 14.35.
A number of hedge funds recently modified their holdings of the company. Comerica Bank boosted 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 last quarter. BNP Paribas Arbitrage SA boosted 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 last quarter. Finally, Crestwood Capital Management L.P. boosted 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 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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