ICICI Bank (IBN) Shares Gap Down to $8.54

ICICI Bank Ltd (NYSE:IBN) shares gapped down before the market opened on Monday . The stock had previously closed at $8.22, but opened at $8.54. ICICI Bank shares last traded at $8.46, with a volume of 289179 shares.

Several research analysts have issued reports on the stock. ValuEngine cut shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Friday, June 15th. Goldman Sachs Group cut shares of ICICI Bank from a “conviction-buy” rating to a “buy” rating in a report on Thursday, June 21st. Finally, Zacks Investment Research cut shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. ICICI Bank has a consensus rating of “Hold” and an average target price of $11.00.

The firm has a market cap of $28.06 billion, a price-to-earnings ratio of 26.88 and a beta of 1.94. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.97.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Friday, July 27th. The bank reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). ICICI Bank had a net margin of 6.04% and a return on equity of 3.93%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.37 billion. equities analysts forecast that ICICI Bank Ltd will post 0.27 EPS for the current year.

Several large investors have recently added to or reduced their stakes in IBN. Baillie Gifford & Co. boosted its holdings in shares of ICICI Bank by 53.2% in the 2nd quarter. Baillie Gifford & Co. now owns 43,221,030 shares of the bank’s stock valued at $347,065,000 after buying an additional 15,014,001 shares in the last quarter. OppenheimerFunds Inc. boosted its holdings in shares of ICICI Bank by 10.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 72,668,260 shares of the bank’s stock valued at $583,526,000 after buying an additional 6,931,319 shares in the last quarter. Temasek Holdings Private Ltd boosted its holdings in shares of ICICI Bank by 207.6% in the 1st quarter. Temasek Holdings Private Ltd now owns 8,639,819 shares of the bank’s stock valued at $76,462,000 after buying an additional 5,830,832 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of ICICI Bank by 75.0% in the 1st quarter. Sei Investments Co. now owns 8,122,879 shares of the bank’s stock valued at $71,889,000 after buying an additional 3,480,703 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of ICICI Bank by 25.2% in the 2nd quarter. FMR LLC now owns 11,809,770 shares of the bank’s stock valued at $94,832,000 after buying an additional 2,378,440 shares in the last quarter. Institutional investors and hedge funds own 22.75% of the company’s stock.

ICICI Bank Company Profile (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.

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