ICICI Bank (NYSE:IBN) Downgraded to “Strong Sell” Rating by Zacks Research

ICICI Bank (NYSE:IBN) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of ICICI Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 11th. Weiss Ratings downgraded shares of ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, February 18th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ICICI Bank has an average rating of “Reduce”.

ICICI Bank Trading Down 0.3%

Shares of IBN stock opened at $28.38 on Wednesday. ICICI Bank has a 12-month low of $25.08 and a 12-month high of $34.56. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. The firm’s 50 day moving average is $28.34 and its 200 day moving average is $29.79. The stock has a market capitalization of $101.59 billion, a P/E ratio of 17.96, a P/E/G ratio of 1.35 and a beta of 0.47.

ICICI Bank (NYSE:IBN) last issued its earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). The company had revenue of $8.53 billion during the quarter, compared to analysts’ expectations of $3.41 billion. ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%. Research analysts expect that ICICI Bank will post 1.53 earnings per share for the current year.

Institutional Trading of ICICI Bank

A number of large investors have recently made changes to their positions in the business. Signaturefd LLC increased its holdings in shares of ICICI Bank by 0.8% in the 4th quarter. Signaturefd LLC now owns 47,843 shares of the bank’s stock worth $1,426,000 after buying an additional 393 shares during the last quarter. Aprio Wealth Management LLC grew its holdings in ICICI Bank by 4.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 10,050 shares of the bank’s stock valued at $304,000 after purchasing an additional 397 shares during the last quarter. CWM LLC grew its holdings in ICICI Bank by 5.9% during the 3rd quarter. CWM LLC now owns 7,959 shares of the bank’s stock valued at $241,000 after purchasing an additional 443 shares during the last quarter. Templeton & Phillips Capital Management LLC grew its holdings in ICICI Bank by 0.7% during the 4th quarter. Templeton & Phillips Capital Management LLC now owns 66,817 shares of the bank’s stock valued at $1,991,000 after purchasing an additional 450 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in ICICI Bank by 0.4% during the 4th quarter. Cetera Investment Advisers now owns 114,558 shares of the bank’s stock valued at $3,414,000 after purchasing an additional 458 shares during the last quarter. 18.18% of the stock is currently owned by institutional investors.

ICICI Bank Company Profile

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.