ICICI Bank (NYSE:IBN) Lowered to Sell at StockNews.com

ICICI Bank (NYSE:IBN) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

ICICI Bank Stock Down 0.3 %

Shares of IBN traded down $0.10 during trading hours on Wednesday, reaching $28.90. The company’s stock had a trading volume of 2,742,184 shares, compared to its average volume of 5,479,718. The company has a 50 day moving average of $28.58 and a two-hundred day moving average of $27.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.72. ICICI Bank has a 1-year low of $21.89 and a 1-year high of $29.66. The firm has a market cap of $101.67 billion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 2.32 and a beta of 1.04.

ICICI Bank (NYSE:IBN) last announced its earnings results on Saturday, July 27th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. ICICI Bank had a return on equity of 16.17% and a net margin of 24.44%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.05 billion. As a group, research analysts predict that ICICI Bank will post 1.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IBN. Cetera Investment Advisers raised its stake in shares of ICICI Bank by 2.0% in the 2nd quarter. Cetera Investment Advisers now owns 77,015 shares of the bank’s stock valued at $2,219,000 after purchasing an additional 1,519 shares during the period. Driehaus Capital Management LLC lifted its holdings in ICICI Bank by 8.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,364,221 shares of the bank’s stock valued at $183,353,000 after purchasing an additional 490,892 shares during the last quarter. Susquehanna International Group Ltd. acquired a new position in ICICI Bank in the 2nd quarter valued at about $720,000. The Manufacturers Life Insurance Company increased its stake in shares of ICICI Bank by 16.5% during the second quarter. The Manufacturers Life Insurance Company now owns 528,324 shares of the bank’s stock worth $15,221,000 after purchasing an additional 74,753 shares during the period. Finally, MBB Public Markets I LLC acquired a new position in ICICI Bank in the 2nd quarter valued at $2,305,000. Institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.