ICICI Bank (NYSE:IBN) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded ICICI Bank from “hold” to “strong buy,” while the broader analyst consensus remains “Buy,” with two strong-buy, one buy, and one hold rating.
• ICICI Bank shares opened at $28.66, down 0.9%, with a market capitalization of approximately $102.87 billion and a 52-week trading range of $25.08 to $31.77.
• Institutional investors have generally increased their positions, including Robeco Institutional Asset Management and Bank of America; institutions collectively own 18.18% of the stock.

ICICI Bank (NYSE:IBN - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday, Zacks reports.

Other analysts have also issued reports about the company. The Goldman Sachs Group assumed coverage on ICICI Bank in a research note on Friday, August 21st. They set a "buy" rating on the stock. Weiss Ratings restated a "hold (c)" rating on shares of ICICI Bank in a research note on Monday, October 19th. Wall Street Zen raised ICICI Bank from a "sell" rating to a "hold" rating in a report on Saturday, August 29th. Finally, Sanford C. Bernstein raised ICICI Bank from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, ICICI Bank has an average rating of "Buy".

ICICI Bank Trading Down 0.9%

NYSE:IBN opened at $28.66 on Tuesday. ICICI Bank has a 1 year low of $25.08 and a 1 year high of $31.77. The stock's fifty day moving average price is $28.92 and its two-hundred day moving average price is $28.57. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market cap of $102.87 billion, a P/E ratio of 17.03, a P/E/G ratio of 1.11 and a beta of 0.41.

Hedge Funds Weigh In On ICICI Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. raised its holdings in shares of ICICI Bank by 19.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 25,330,924 shares of the bank's stock valued at $697,867,000 after buying an additional 4,181,828 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of ICICI Bank by 43.0% in the first quarter. Bank of America Corp DE now owns 12,932,141 shares of the bank's stock worth $334,942,000 after purchasing an additional 3,889,449 shares during the last quarter. Ninety One UK Ltd increased its stake in shares of ICICI Bank by 3.3% in the third quarter. Ninety One UK Ltd now owns 9,490,129 shares of the bank's stock worth $261,453,000 after buying an additional 306,158 shares during the period. Sei Investments Co. increased its stake in shares of ICICI Bank by 3.1% in the first quarter. Sei Investments Co. now owns 3,372,826 shares of the bank's stock worth $87,357,000 after buying an additional 102,683 shares during the period. Finally, Formuepleje A S raised its holdings in ICICI Bank by 0.3% during the 2nd quarter. Formuepleje A S now owns 2,243,252 shares of the bank's stock valued at $65,122,000 after buying an additional 7,244 shares during the last quarter. 18.18% of the stock is currently owned by institutional investors.

About ICICI Bank

ICICI Bank Limited is an India-based private-sector bank that provides banking and financial services to individuals, businesses, institutions and government entities. Its offerings include savings and current accounts, deposits, residential and commercial loans, personal loans, credit cards, payments, wealth management, insurance and investment products.

The bank serves retail customers through digital channels and a network of branches and ATMs, while its corporate and institutional businesses provide working-capital finance, term loans, trade finance, cash management, foreign-exchange services and other banking solutions.

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