ICICI Bank (NYSE:IBN) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of ICICI Bank (NYSE:IBN) from a hold rating to a sell rating in a research note released on Saturday.

ICICI Bank Stock Down 0.0%

Shares of ICICI Bank stock opened at $30.75 on Friday. ICICI Bank has a 1 year low of $27.42 and a 1 year high of $34.56. The company has a market cap of $109.83 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.94 and a beta of 0.52. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $32.10 and a 200 day moving average price of $32.73.

ICICI Bank (NYSE:IBN) last released its earnings results on Saturday, July 19th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.29 billion. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%. As a group, analysts expect that ICICI Bank will post 1.53 EPS for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

A number of institutional investors have recently modified their holdings of IBN. Wealth Enhancement Advisory Services LLC grew its holdings in shares of ICICI Bank by 14.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,628 shares of the bank’s stock valued at $1,303,000 after acquiring an additional 5,405 shares in the last quarter. GAMMA Investing LLC boosted its position in ICICI Bank by 3,188.8% during the first quarter. GAMMA Investing LLC now owns 415,244 shares of the bank’s stock valued at $13,174,000 after purchasing an additional 402,618 shares during the last quarter. Merit Financial Group LLC grew its stake in ICICI Bank by 97.2% in the first quarter. Merit Financial Group LLC now owns 13,669 shares of the bank’s stock valued at $431,000 after purchasing an additional 6,738 shares in the last quarter. First Affirmative Financial Network raised its stake in shares of ICICI Bank by 14.2% during the 1st quarter. First Affirmative Financial Network now owns 10,403 shares of the bank’s stock worth $328,000 after purchasing an additional 1,297 shares in the last quarter. Finally, Gateway Investment Advisers LLC acquired a new stake in shares of ICICI Bank during the 1st quarter valued at about $203,000. Institutional investors and hedge funds own 18.18% of the company’s stock.

About ICICI Bank

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.