ICICI Bank (NYSE:IBN) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded ICICI Bank from “sell” to “hold,” while other analysts issued mixed opinions; MarketBeat reports an overall “Moderate Buy” consensus.
• ICICI Bank shares opened at $29.97, up 0.4%, with a 12-month range of $25.08 to $33.03 and a market capitalization of approximately $107.5 billion.
• The bank exceeded quarterly earnings expectations, reporting $0.43 EPS versus the $0.40 consensus and $5.97 billion in revenue versus the $3.32 billion estimate; institutional investors own 18.18% of its stock.

ICICI Bank (NYSE:IBN - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also weighed in on IBN. Zacks Research upgraded ICICI Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings lowered ICICI Bank from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 8th. Sanford C. Bernstein upgraded shares of ICICI Bank from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group began coverage on shares of ICICI Bank in a research note on Friday, August 21st. They issued a "buy" rating for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy".

ICICI Bank Stock Up 0.4%

Shares of NYSE IBN opened at $29.97 on Friday. The firm has a fifty day simple moving average of $29.63 and a two-hundred day simple moving average of $28.27. ICICI Bank has a 12 month low of $25.08 and a 12 month high of $33.03. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $107.53 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

ICICI Bank (NYSE:IBN - Get Free Report) last released its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.03. The company had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $3.32 billion. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%. Equities analysts expect that ICICI Bank will post 1.66 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in ICICI Bank by 5.4% during the first quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank's stock valued at $424,000 after buying an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in ICICI Bank by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank's stock worth $72,000 after buying an additional 625 shares during the period. Cresset Asset Management LLC boosted its holdings in ICICI Bank by 45.8% in the 2nd quarter. Cresset Asset Management LLC now owns 18,205 shares of the bank's stock worth $612,000 after buying an additional 5,717 shares during the period. Flow Traders U.S. LLC purchased a new stake in ICICI Bank in the 2nd quarter worth $221,000. Finally, Cary Street Partners Financial LLC bought a new stake in ICICI Bank during the second quarter valued at about $75,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source