ICICI Bank (IBN) Upgraded by ValuEngine to Strong-Buy

ICICI Bank (NYSE:IBN) was upgraded by stock analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday.

Several other equities research analysts also recently issued reports on IBN. Zacks Investment Research upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 29th. Morgan Stanley initiated coverage on shares of ICICI Bank in a research note on Tuesday, January 16th. They issued an “overweight” rating for the company. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $11.00.

ICICI Bank stock opened at $8.31 on Tuesday. ICICI Bank has a one year low of $7.58 and a one year high of $11.26. The stock has a market cap of $26,845.01, a PE ratio of 18.47, a price-to-earnings-growth ratio of 0.74 and a beta of 1.89.

A number of large investors have recently modified their holdings of the stock. OppenheimerFunds Inc. lifted its stake in ICICI Bank by 15.0% in the 4th quarter. OppenheimerFunds Inc. now owns 61,623,547 shares of the bank’s stock valued at $599,597,000 after purchasing an additional 8,049,720 shares during the last quarter. Lazard Asset Management LLC lifted its stake in ICICI Bank by 1.2% in the 4th quarter. Lazard Asset Management LLC now owns 28,560,613 shares of the bank’s stock valued at $277,894,000 after purchasing an additional 332,194 shares during the last quarter. BlackRock Inc. lifted its stake in ICICI Bank by 12.6% in the 4th quarter. BlackRock Inc. now owns 16,084,638 shares of the bank’s stock valued at $156,503,000 after purchasing an additional 1,796,060 shares during the last quarter. Fisher Asset Management LLC lifted its stake in ICICI Bank by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 13,725,581 shares of the bank’s stock valued at $133,550,000 after purchasing an additional 48,333 shares during the last quarter. Finally, ARGA Investment Management LP lifted its stake in ICICI Bank by 24.7% in the 4th quarter. ARGA Investment Management LP now owns 13,631,501 shares of the bank’s stock valued at $132,635,000 after purchasing an additional 2,698,391 shares during the last quarter. Institutional investors and hedge funds own 21.83% of the company’s stock.

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About ICICI Bank

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, other accounts; and fixed, recurring, and security deposits.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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