ICICI Bank (NYSE:IBN) Upgraded by Sanford C. Bernstein to Strong-Buy Rating

Sanford C. Bernstein upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently weighed in on IBN. Wall Street Zen upgraded ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings cut shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Zacks Research upgraded shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

ICICI Bank Trading Down 0.7%

Shares of NYSE:IBN opened at $29.23 on Tuesday. ICICI Bank has a 52-week low of $25.08 and a 52-week high of $34.42. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04. The company has a market capitalization of $104.86 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 1.62 and a beta of 0.43. The company has a 50-day simple moving average of $27.82 and a 200 day simple moving average of $28.34.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. ICICI Bank had a return on equity of 13.88% and a net margin of 25.60%.The firm had revenue of ($2,429.85) million for the quarter, compared to the consensus estimate of $3.32 billion. Sell-side analysts forecast that ICICI Bank will post 1.64 earnings per share for the current year.

Institutional Trading of ICICI Bank

Several hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in shares of ICICI Bank by 5.4% in the first quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank’s stock valued at $424,000 after acquiring an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of ICICI Bank by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank’s stock worth $72,000 after purchasing an additional 625 shares in the last quarter. Cresset Asset Management LLC increased its holdings in shares of ICICI Bank by 45.8% during the second quarter. Cresset Asset Management LLC now owns 18,205 shares of the bank’s stock worth $612,000 after purchasing an additional 5,717 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of ICICI Bank in the second quarter valued at approximately $221,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of ICICI Bank in the second quarter valued at approximately $75,000. 18.18% of the stock is owned by institutional investors and hedge funds.

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.