ICICI Bank (NYSE:IBN) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of ICICI Bank (NYSE:IBN) from a strong sell rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

IBN has been the subject of several other reports. Wall Street Zen raised shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings downgraded shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

ICICI Bank Stock Performance

IBN opened at $29.69 on Monday. The company has a market capitalization of $106.47 billion, a price-to-earnings ratio of 18.79, a P/E/G ratio of 1.55 and a beta of 0.43. The business’s 50-day moving average price is $27.11 and its two-hundred day moving average price is $28.38. ICICI Bank has a 1 year low of $25.08 and a 1 year high of $34.56. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.02.

Insider Buying and Selling

In other ICICI Bank news, CEO Sandeep Bakhshi sold 24,999 shares of the company’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $14.95, for a total value of $373,735.05. Following the transaction, the chief executive officer directly owned 1,071,301 shares of the company’s stock, valued at $16,015,949.95. This represents a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Rakesh Jha sold 90,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $14.94, for a total transaction of $1,344,600.00. Following the completion of the transaction, the director owned 140,750 shares of the company’s stock, valued at $2,102,805. The trade was a 39.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 159,999 shares of company stock worth $2,370,385.

Institutional Trading of ICICI Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its position in ICICI Bank by 855.2% during the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $25,000 after acquiring an additional 744 shares during the last quarter. Advisory Services Network LLC acquired a new stake in ICICI Bank during the third quarter worth approximately $25,000. Transamerica Financial Advisors LLC grew its stake in ICICI Bank by 487.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock worth $39,000 after purchasing an additional 1,088 shares during the period. Atlas Capital Advisors Inc. acquired a new position in ICICI Bank in the fourth quarter valued at approximately $39,000. Finally, McMillan Office Inc. bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $49,000. Institutional investors and hedge funds own 18.18% of the company’s stock.

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.