Erste Group Bank Decreases Earnings Estimates for ICICI Bank

Key Points

• Erste Group Bank trimmed its FY2027 EPS estimate for ICICI Bank to $1.64 from $1.67, slightly below the current consensus of $1.67 per share.
• ICICI Bank’s stock was essentially flat, opening at $26.47 and trading near its 50-day and 200-day moving averages, with a 1-year range of $25.08 to $34.56.
• Sentiment on the name remains cautious: recent analyst actions include additional downgrades, and MarketBeat shows a current consensus rating of “Reduce”.

ICICI Bank Limited (NYSE:IBN - Free Report) - Analysts at Erste Group Bank dropped their FY2027 earnings per share estimates for shares of ICICI Bank in a research note issued to investors on Tuesday, May 5th. Erste Group Bank analyst S. Lingnau now anticipates that the bank will post earnings of $1.64 per share for the year, down from their previous estimate of $1.67. The consensus estimate for ICICI Bank's current full-year earnings is $1.67 per share. Erste Group Bank also issued estimates for ICICI Bank's FY2028 earnings at $1.92 EPS.

Other equities analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of ICICI Bank from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday. Wall Street Zen upgraded shares of ICICI Bank from a "strong sell" rating to a "sell" rating in a research note on Saturday, April 25th. Finally, Zacks Research downgraded shares of ICICI Bank from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 15th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

ICICI Bank Stock Down 0.1%

IBN opened at $26.47 on Monday. The stock's fifty day simple moving average is $27.46 and its 200 day simple moving average is $29.45. ICICI Bank has a 1-year low of $25.08 and a 1-year high of $34.56. The stock has a market cap of $94.86 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.35 and a beta of 0.45. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.58.

Institutional Investors Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Larson Financial Group LLC grew its stake in shares of ICICI Bank by 855.2% in the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank's stock valued at $25,000 after acquiring an additional 744 shares in the last quarter. Advisory Services Network LLC acquired a new stake in ICICI Bank in the 3rd quarter worth about $25,000. Transamerica Financial Advisors LLC raised its stake in ICICI Bank by 487.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank's stock worth $39,000 after purchasing an additional 1,088 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in ICICI Bank in the 4th quarter valued at about $39,000. Finally, Cornerstone Planning Group LLC boosted its holdings in ICICI Bank by 97.6% in the 3rd quarter. Cornerstone Planning Group LLC now owns 1,332 shares of the bank's stock valued at $41,000 after purchasing an additional 658 shares during the period. Institutional investors and hedge funds own 18.18% of the company's stock.

Insider Buying and Selling

In other news, CEO Sandeep Bakhshi sold 24,999 shares of the stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $14.95, for a total transaction of $373,735.05. Following the transaction, the chief executive officer owned 1,071,301 shares in the company, valued at approximately $16,015,949.95. This trade represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rakesh Jha sold 90,000 shares of ICICI Bank stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $14.94, for a total value of $1,344,600.00. Following the sale, the director directly owned 140,750 shares of the company's stock, valued at approximately $2,102,805. The trade was a 39.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 159,999 shares of company stock worth $2,370,385.

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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