Comerica Bank increased its position in ICICI Bank Ltd (NYSE:IBN) by 24.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,172 shares of the company’s stock after buying an additional 36,883 shares during the period. Comerica Bank’s holdings in ICICI Bank were worth $1,456,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Morgan Stanley raised its stake in ICICI Bank by 47.4% in the third quarter. Morgan Stanley now owns 23,159,640 shares of the company’s stock worth $173,002,000 after buying an additional 7,449,446 shares in the last quarter. Nordea Investment Management AB raised its stake in ICICI Bank by 13.5% in the third quarter. Nordea Investment Management AB now owns 19,129,832 shares of the company’s stock worth $142,900,000 after buying an additional 2,276,775 shares in the last quarter. Hsbc Holdings PLC raised its stake in ICICI Bank by 3.6% in the third quarter. Hsbc Holdings PLC now owns 11,634,313 shares of the company’s stock worth $86,908,000 after buying an additional 404,114 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in ICICI Bank during the fourth quarter worth $73,566,000. Finally, Westpac Banking Corp raised its stake in ICICI Bank by 58.5% in the third quarter. Westpac Banking Corp now owns 8,384,751 shares of the company’s stock worth $62,634,000 after buying an additional 3,093,338 shares in the last quarter. 23.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of ICICI Bank Ltd (NYSE:IBN) opened at 8.45 on Tuesday. The stock’s 50 day moving average price is $8.38 and its 200-day moving average price is $7.98. ICICI Bank Ltd has a 52-week low of $6.30 and a 52-week high of $8.81. The stock has a market cap of $24.57 billion, a price-to-earnings ratio of 16.19 and a beta of 1.82.
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A number of analysts have recently weighed in on IBN shares. Macquarie raised ICICI Bank from a “neutral” rating to an “outperform” rating in a research report on Monday. Zacks Investment Research lowered ICICI Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 8th. Finally, Jefferies Group LLC lowered ICICI Bank from a “buy” rating to a “hold” rating in a research report on Monday, March 6th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $9.25.
About ICICI Bank
ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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