TD Asset Management Inc. decreased its position in ICICI Bank Ltd (NYSE:IBN) by 43.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,734,141 shares of the bank’s stock after selling 1,313,230 shares during the period. TD Asset Management Inc.’s holdings in ICICI Bank were worth $19,873,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in ICICI Bank in the first quarter valued at approximately $32,000. Lindbrook Capital LLC purchased a new position in ICICI Bank in the fourth quarter valued at approximately $46,000. Rehmann Capital Advisory Group lifted its stake in ICICI Bank by 28.3% in the fourth quarter. Rehmann Capital Advisory Group now owns 6,069 shares of the bank’s stock valued at $62,000 after purchasing an additional 1,339 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in ICICI Bank in the fourth quarter valued at approximately $108,000. Finally, Private Advisor Group LLC purchased a new position in ICICI Bank in the fourth quarter valued at approximately $114,000. Institutional investors and hedge funds own 23.16% of the company’s stock.
Several equities research analysts have issued reports on IBN shares. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, April 9th. ValuEngine downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Standpoint Research downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Sanford C. Bernstein upgraded ICICI Bank from an “underperform” rating to a “market perform” rating in a research report on Monday, February 4th. Finally, Goldman Sachs Group upgraded ICICI Bank from a “buy” rating to a “conviction-buy” rating in a research report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $12.00.
NYSE:IBN opened at $12.42 on Friday. The firm has a market cap of $39.79 billion, a price-to-earnings ratio of 38.81 and a beta of 0.96. ICICI Bank Ltd has a 1 year low of $7.61 and a 1 year high of $12.47.
ICICI Bank Company Profile
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.
Further Reading: Special Dividends
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