ICICI Bank (NYSE:IBN) Upgraded at StockNews.com

StockNews.com upgraded shares of ICICI Bank (NYSE:IBN) from a sell rating to a hold rating in a research note released on Wednesday morning.

ICICI Bank Trading Up 0.1 %

NYSE IBN opened at $30.61 on Wednesday. The firm has a market cap of $108.08 billion, a PE ratio of 20.27, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. ICICI Bank has a 1-year low of $25.13 and a 1-year high of $32.14. The stock has a 50-day moving average of $28.59 and a 200-day moving average of $29.59. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.70.

ICICI Bank (NYSE:IBN) last released its quarterly earnings data on Saturday, January 25th. The bank reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts forecast that ICICI Bank will post 1.53 EPS for the current year.

Hedge Funds Weigh In On ICICI Bank

Several hedge funds and other institutional investors have recently modified their holdings of IBN. Thrivent Financial for Lutherans increased its holdings 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 during the period. Pathstone Holdings LLC increased its stake in shares of 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 bought a new position in shares of ICICI Bank during the third quarter valued at approximately $6,111,000. NS Partners Ltd lifted its stake in ICICI Bank by 76.4% in the third quarter. NS Partners Ltd now owns 34,400 shares of the bank’s stock worth $1,027,000 after acquiring an additional 14,900 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 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 valued at $63,547,000 after acquiring an additional 208,134 shares in the last quarter. 18.18% of the stock is owned by institutional investors.

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.