Zacks Investment Research upgraded shares of ICICI Bank Ltd (NYSE:IBN) from a hold rating to a buy rating in a report released on Monday, May 8th. The brokerage currently has $10.00 price target on the bank’s stock.
According to Zacks, “ICICI Bank’s shares have outperformed the Zacks categorized Foreign Banks industry, over the last three months. The company's fourth-quarter fiscal 2017 results were supported by an increase in revenues. These were partially offset by higher costs and provisions. The company is well positioned to capitalize on growth opportunities on the back of increased dependence on domestic loans, focus on improving fee income and a stable fund base. While this strengthened the company’s financials, mounting expenses, continuously deteriorating asset quality and stringent regulatory requirements have been hurting its financial performance.”
IBN has been the topic of several other research reports. Morgan Stanley downgraded shares of ICICI Bank from an equal weight rating to an underweight rating in a report on Tuesday, March 21st. Jefferies Group LLC lowered shares of ICICI Bank from a buy rating to a hold rating in a research report on Monday, March 6th. Finally, Macquarie upgraded shares of ICICI Bank from a neutral rating to an outperform rating in a research report on Monday, March 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. ICICI Bank has an average rating of Hold and a consensus price target of $10.00.
ICICI Bank (NYSE:IBN) traded up 2.34% during trading on Monday, reaching $9.62. 6,168,828 shares of the company’s stock were exchanged. The company’s 50-day moving average is $8.85 and its 200-day moving average is $8.25. ICICI Bank has a 1-year low of $6.58 and a 1-year high of $9.69. The company has a market capitalization of $27.98 billion, a PE ratio of 17.68 and a beta of 1.82.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of ICICI Bank by 9,570.9% in the first quarter. BlackRock Inc. now owns 16,350,196 shares of the bank’s stock valued at $140,610,000 after buying an additional 16,181,130 shares during the period. Morgan Stanley raised its stake in shares of ICICI Bank by 1,269.1% in the first quarter. Morgan Stanley now owns 12,277,063 shares of the bank’s stock valued at $105,583,000 after buying an additional 11,380,354 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of ICICI Bank during the fourth quarter valued at $73,566,000. ARGA Investment Management LP raised its stake in shares of ICICI Bank by 1,333.4% in the first quarter. ARGA Investment Management LP now owns 8,603,400 shares of the bank’s stock valued at $73,990,000 after buying an additional 8,003,200 shares during the period. Finally, Segantii Capital Management Ltd raised its stake in shares of ICICI Bank by 136.3% in the third quarter. Segantii Capital Management Ltd now owns 7,450,028 shares of the bank’s stock valued at $56,389,000 after buying an additional 4,297,593 shares during the period. Institutional investors and hedge funds own 23.49% of the company’s stock.
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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