ICICI Bank (NYSE:IBN) Upgraded by StockNews.com to “Hold” Rating

ICICI Bank (NYSE:IBN) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

ICICI Bank Stock Performance

NYSE:IBN traded up $0.04 on Wednesday, hitting $30.61. The stock had a trading volume of 5,744,007 shares, compared to its average volume of 4,644,485. ICICI Bank has a 52-week low of $25.13 and a 52-week high of $32.14. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.70. The stock has a market cap of $108.08 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. The business’s 50-day simple moving average is $28.59 and its two-hundred day simple moving average is $29.59.

ICICI Bank (NYSE:IBN) last issued its earnings results on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. As a group, research analysts predict that ICICI Bank will post 1.53 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

Several hedge funds have recently modified their holdings of IBN. Thrivent Financial for Lutherans increased its stake in ICICI Bank by 12.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 526,927 shares of the bank’s stock valued at $15,729,000 after purchasing an additional 59,209 shares in the last quarter. Pathstone Holdings LLC grew its position in ICICI Bank by 5.2% during the third quarter. Pathstone Holdings LLC now owns 379,642 shares of the bank’s stock valued at $11,332,000 after buying an additional 18,907 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in ICICI Bank during the third quarter valued at $6,111,000. NS Partners Ltd lifted its holdings in ICICI Bank by 76.4% during the third quarter. NS Partners Ltd now owns 34,400 shares of the bank’s stock valued at $1,027,000 after purchasing an additional 14,900 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of ICICI Bank by 10.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,128,885 shares of the bank’s stock worth $63,547,000 after buying an additional 208,134 shares in the last quarter. Hedge funds and other institutional investors own 18.18% of the company’s stock.

About ICICI Bank

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.