Shares of ICICI Bank Ltd (NYSE:IBN) gapped up prior to trading on Tuesday . The stock had previously closed at $8.31, but opened at $8.51. ICICI Bank shares last traded at $8.76, with a volume of 5137127 shares.
A number of brokerages have recently weighed in on IBN. ValuEngine upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research note on Thursday, June 21st. Zacks Investment Research cut shares of ICICI Bank from a “hold” rating to a “sell” rating in a research note on Monday, August 13th. JPMorgan Chase & Co. upgraded shares of ICICI Bank from a “neutral” rating to an “overweight” rating in a research note on Monday. Finally, Goldman Sachs Group cut shares of ICICI Bank from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, June 21st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $11.00.
The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $27.20 billion, a price-to-earnings ratio of 27.38 and a beta of 1.91.
ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Friday, July 27th. The bank reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.07). ICICI Bank had a return on equity of 3.93% and a net margin of 6.04%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.37 billion. Equities research analysts forecast that ICICI Bank Ltd will post 0.27 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. 180 Wealth Advisors LLC increased its position in ICICI Bank by 24.8% during the second quarter. 180 Wealth Advisors LLC now owns 28,177 shares of the bank’s stock worth $226,000 after acquiring an additional 5,593 shares during the period. Meristem LLP increased its holdings in ICICI Bank by 57.4% in the 2nd quarter. Meristem LLP now owns 15,763 shares of the bank’s stock valued at $127,000 after buying an additional 5,749 shares during the period. Envestnet Asset Management Inc. increased its holdings in ICICI Bank by 2.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 293,822 shares of the bank’s stock valued at $2,360,000 after buying an additional 6,220 shares during the period. Daiwa SB Investments Ltd. increased its holdings in ICICI Bank by 38.1% in the 3rd quarter. Daiwa SB Investments Ltd. now owns 23,180 shares of the bank’s stock valued at $197,000 after buying an additional 6,400 shares during the period. Finally, Aperio Group LLC increased its holdings in ICICI Bank by 0.5% in the 2nd quarter. Aperio Group LLC now owns 1,200,828 shares of the bank’s stock valued at $9,643,000 after buying an additional 6,503 shares during the period. Institutional investors and hedge funds own 22.75% of the company’s stock.
About ICICI Bank (NYSE:IBN)
ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.
Read More: What is a closed-end mutual fund (CEF)?
Receive News & Ratings for ICICI Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ICICI Bank and related companies with MarketBeat.com's FREE daily email newsletter.