Sanford C. Bernstein upgraded shares of ICICI Bank (NYSE:IBN – Free Report) from a hold rating to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.
IBN has been the topic of several other reports. Wall Street Zen raised ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Zacks Research upgraded shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Finally, Weiss Ratings lowered shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.
Check Out Our Latest Stock Report on ICICI Bank
ICICI Bank Trading Down 0.7%
ICICI Bank (NYSE:IBN – Get Free Report) last announced its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. ICICI Bank had a return on equity of 13.88% and a net margin of 25.60%.The company had revenue of ($2,429.85) million during the quarter, compared to analysts’ expectations of $3.32 billion. Equities research analysts forecast that ICICI Bank will post 1.64 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC grew its stake in shares of ICICI Bank by 855.2% during the 4th quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock worth $25,000 after acquiring an additional 744 shares during the period. Advisory Services Network LLC bought a new stake in ICICI Bank in the 3rd quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its holdings in ICICI Bank by 487.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. bought a new position in ICICI Bank during the fourth quarter worth about $39,000. Finally, Entrust Financial LLC bought a new position in ICICI Bank during the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 18.18% of the company’s stock.
ICICI Bank Company Profile
ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.
The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.
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