ICICI Bank (NYSE:IBN) Raised to “Hold” at Zacks Research

ICICI Bank (NYSE:IBN) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts have also issued reports about the company. Wall Street Zen raised ICICI Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Weiss Ratings cut ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ICICI Bank presently has a consensus rating of “Hold”.

ICICI Bank Trading Down 1.3%

NYSE:IBN opened at $29.69 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.02. ICICI Bank has a one year low of $25.08 and a one year high of $34.56. The company has a market cap of $106.47 billion, a PE ratio of 18.79, a PEG ratio of 1.55 and a beta of 0.43. The firm has a 50-day moving average of $27.11 and a 200-day moving average of $28.38.

Insider Transactions at ICICI Bank

In other news, CEO Sandeep Bakhshi sold 24,999 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $14.95, for a total value of $373,735.05. Following the transaction, the chief executive officer owned 1,071,301 shares in the company, valued at $16,015,949.95. The trade was a 2.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rakesh Jha sold 45,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $14.49, for a total value of $652,050.00. Following the completion of the transaction, the director directly owned 120,875 shares of the company’s stock, valued at approximately $1,751,478.75. This represents a 27.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 159,999 shares of company stock valued at $2,370,385 over the last ninety days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC increased its position in shares of ICICI Bank by 855.2% during the 4th quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $25,000 after purchasing an additional 744 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of ICICI Bank in the 3rd quarter worth about $25,000. Transamerica Financial Advisors LLC grew its position in ICICI Bank by 487.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after buying an additional 1,088 shares during the period. Atlas Capital Advisors Inc. purchased a new stake in ICICI Bank during the fourth quarter worth about $39,000. Finally, Entrust Financial LLC bought a new stake in ICICI Bank in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 18.18% of the company’s stock.

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.