ICICI Bank Ltd (IBN) Receives Average Rating of “Buy” from Analysts
Shares of ICICI Bank Ltd (NYSE:IBN) have received a consensus recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company.
IBN has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. ValuEngine upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Monday, July 30th. Finally, JPMorgan Chase & Co. upgraded shares of ICICI Bank from a “neutral” rating to an “overweight” rating in a research report on Monday, October 15th.
Shares of IBN traded up $0.18 during mid-day trading on Monday, reaching $8.52. 6,785,000 shares of the stock traded hands, compared to its average volume of 9,843,070. The firm has a market capitalization of $26.72 billion, a P/E ratio of 26.63 and a beta of 1.91. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.12 and a quick ratio of 1.12. ICICI Bank has a 1 year low of $7.61 and a 1 year high of $11.26.
A number of large investors have recently made changes to their positions in the stock. OppenheimerFunds Inc. lifted its stake in ICICI Bank by 10.5% in the second quarter. OppenheimerFunds Inc. now owns 72,668,260 shares of the bank’s stock worth $583,526,000 after purchasing an additional 6,931,319 shares during the last quarter. Baillie Gifford & Co. lifted its stake in ICICI Bank by 53.2% in the second quarter. Baillie Gifford & Co. now owns 43,221,030 shares of the bank’s stock worth $347,065,000 after purchasing an additional 15,014,001 shares during the last quarter. Earnest Partners LLC lifted its stake in ICICI Bank by 0.3% in the second quarter. Earnest Partners LLC now owns 18,481,429 shares of the bank’s stock worth $148,406,000 after purchasing an additional 49,146 shares during the last quarter. BlackRock Inc. lifted its stake in ICICI Bank by 10.1% in the first quarter. BlackRock Inc. now owns 17,715,933 shares of the bank’s stock worth $156,786,000 after purchasing an additional 1,631,295 shares during the last quarter. Finally, Morgan Stanley lifted its stake in ICICI Bank by 10.1% in the second quarter. Morgan Stanley now owns 13,146,632 shares of the bank’s stock worth $105,567,000 after purchasing an additional 1,202,555 shares during the last quarter. Institutional investors own 22.78% of the company’s stock.
ICICI Bank Company Profile
ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.
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