Erste Group Bank Lowers Earnings Estimates for ICICI Bank

Key Points

• Erste Group Bank cut ICICI Bank’s FY2027 earnings forecast to $1.67 per share from $1.71, while projecting FY2028 earnings of $1.94 per share. The revised FY2027 estimate remains above the current consensus of $1.65.
• ICICI Bank exceeded quarterly expectations, reporting $0.43 in earnings per share versus the $0.40 consensus estimate and $5.97 billion in revenue. The bank posted a 25.60% net margin and 13.81% return on equity.
• The stock opened at $28.52, with a market capitalization of approximately $102.38 billion. Analysts collectively rate ICICI Bank a “Moderate Buy,” while institutional investors and hedge funds own 18.18% of shares.

ICICI Bank Limited (NYSE:IBN - Free Report) - Erste Group Bank reduced their FY2027 earnings estimates for shares of ICICI Bank in a research report issued to clients and investors on Thursday, October 8th. Erste Group Bank analyst S. Lingnau now expects that the bank will post earnings of $1.67 per share for the year, down from their previous forecast of $1.71. The consensus estimate for ICICI Bank's current full-year earnings is $1.65 per share. Erste Group Bank also issued estimates for ICICI Bank's FY2028 earnings at $1.94 EPS.

ICICI Bank (NYSE:IBN - Get Free Report) last posted its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. The business had revenue of $5.97 billion during the quarter, compared to analysts' expectations of $3.32 billion. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%.

Other research analysts have also issued reports about the company. The Goldman Sachs Group initiated coverage on ICICI Bank in a research report on Friday, August 21st. They issued a "buy" rating for the company. Zacks Research upgraded ICICI Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Wall Street Zen raised ICICI Bank from a "sell" rating to a "hold" rating in a research note on Saturday, August 29th. Finally, Sanford C. Bernstein raised ICICI Bank from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, ICICI Bank currently has a consensus rating of "Moderate Buy".

ICICI Bank Stock Up 1.7%

IBN stock opened at $28.52 on Wednesday. ICICI Bank has a one year low of $25.08 and a one year high of $33.03. The firm has a market cap of $102.38 billion, a PE ratio of 17.75, a PEG ratio of 1.29 and a beta of 0.41. The firm's 50 day moving average price is $29.05 and its 200-day moving average price is $28.16. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03.

Hedge Funds Weigh In On ICICI Bank

Several large investors have recently made changes to their positions in IBN. Bullseye Investment Management LLC acquired a new position in ICICI Bank in the 2nd quarter valued at about $32,000. Whipplewood Advisors LLC lifted its position in shares of ICICI Bank by 2,589.6% during the first quarter. Whipplewood Advisors LLC now owns 3,362 shares of the bank's stock worth $87,000 after purchasing an additional 3,237 shares in the last quarter. Angeles Wealth Management LLC acquired a new stake in shares of ICICI Bank during the second quarter worth about $215,000. Castleview Partners LLC boosted its stake in shares of ICICI Bank by 15.9% in the first quarter. Castleview Partners LLC now owns 9,017 shares of the bank's stock valued at $234,000 after purchasing an additional 1,239 shares during the period. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of ICICI Bank in the second quarter valued at approximately $283,000. 18.18% of the stock is currently owned by institutional investors and hedge funds.

ICICI Bank Company Profile

ICICI Bank Limited is a private-sector banking and financial services company headquartered in Mumbai, India. The bank provides a broad range of services to retail customers, businesses, institutions and government entities, including savings and current accounts, deposits, personal and business loans, mortgages, credit cards, payments, investment services and wealth management.

Through its corporate and institutional banking operations, ICICI Bank offers working-capital finance, term lending, trade finance, cash-management services, foreign-exchange services, capital-market solutions and other banking products.

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.