ICICI Bank (NYSE:IBN) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

ICICI Bank (NYSE:IBN) posted its quarterly earnings results on Thursday. The bank reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03), Zacks reports. ICICI Bank had a return on equity of 14.27% and a net margin of 24.57%.The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $3.41 billion.

ICICI Bank Stock Performance

ICICI Bank stock opened at $29.18 on Friday. ICICI Bank has a fifty-two week low of $27.46 and a fifty-two week high of $34.56. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $104.33 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 1.37 and a beta of 0.39. The firm’s fifty day moving average price is $30.46 and its 200-day moving average price is $31.48.

Institutional Investors Weigh In On ICICI Bank

Large investors have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in shares of ICICI Bank by 4.1% in the 3rd quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock worth $707,602,000 after purchasing an additional 928,329 shares in the last quarter. State Street Corp lifted its position in ICICI Bank by 2.3% in the 2nd quarter. State Street Corp now owns 8,109,144 shares of the bank’s stock worth $272,792,000 after buying an additional 179,351 shares during the last quarter. Man Group plc boosted its stake in ICICI Bank by 21.3% in the third quarter. Man Group plc now owns 6,738,766 shares of the bank’s stock worth $203,713,000 after buying an additional 1,182,908 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in ICICI Bank by 23.6% in the second quarter. BNP Paribas Financial Markets now owns 6,283,891 shares of the bank’s stock worth $211,390,000 after buying an additional 1,201,087 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in ICICI Bank by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,908,144 shares of the bank’s stock valued at $118,143,000 after acquiring an additional 414,770 shares during the last quarter. Hedge funds and other institutional investors own 18.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IBN. Wall Street Zen downgraded ICICI Bank from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Weiss Ratings upgraded ICICI Bank from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy”.

About ICICI Bank

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.