ICICI Bank FY2027 EPS Forecast Reduced by Erste Group Bank

Key Points

• Erste Group cut its forecast for ICICI Bank's FY2027 EPS to $1.67 from $1.70, versus a consensus estimate of $1.69 per share.
• Multiple brokerages have downgraded the stock (Weiss to Hold, Wall Street Zen to Sell, Zacks to Strong Sell), leaving ICICI Bank with an average rating of "Reduce".
• Company insiders have been net sellers, disposing of 159,999 shares worth about $2.37 million in the past 90 days, including sales by director Rakesh Jha and CEO Sandeep Bakhshi.

ICICI Bank Limited (NYSE:IBN - Free Report) - Stock analysts at Erste Group Bank dropped their FY2027 earnings per share estimates for ICICI Bank in a research report issued on Monday, April 27th. Erste Group Bank analyst S. Lingnau now anticipates that the bank will post earnings per share of $1.67 for the year, down from their previous forecast of $1.70. The consensus estimate for ICICI Bank's current full-year earnings is $1.69 per share.

Several other brokerages have also recently commented on IBN. Weiss Ratings cut ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, February 18th. Wall Street Zen raised ICICI Bank from a "strong sell" rating to a "sell" rating in a research report on Saturday, April 25th. Finally, Zacks Research cut ICICI Bank from a "hold" rating to a "strong sell" rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ICICI Bank currently has an average rating of "Reduce".

ICICI Bank Stock Down 1.3%

Shares of IBN stock opened at $26.55 on Thursday. The stock has a market cap of $95.05 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.39 and a beta of 0.47. ICICI Bank has a one year low of $25.08 and a one year high of $34.56. The stock has a fifty day moving average price of $27.79 and a 200 day moving average price of $29.61. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.02.

Insiders Place Their Bets

In related news, Director Rakesh Jha sold 45,000 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $14.49, for a total value of $652,050.00. Following the sale, the director owned 95,750 shares in the company, valued at approximately $1,387,417.50. This represents a 31.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sandeep Bakhshi sold 24,999 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $14.95, for a total value of $373,735.05. Following the transaction, the chief executive officer owned 1,071,301 shares in the company, valued at $16,015,949.95. The trade was a 2.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 159,999 shares of company stock worth $2,370,385.

Institutional Trading of ICICI Bank

A number of hedge funds have recently made changes to their positions in the company. Nordea Investment Management AB lifted its stake in shares of ICICI Bank by 76.4% in the third quarter. Nordea Investment Management AB now owns 564,280 shares of the bank's stock worth $17,041,000 after acquiring an additional 244,478 shares during the period. CWM LLC increased its holdings in shares of ICICI Bank by 5.9% during the third quarter. CWM LLC now owns 7,959 shares of the bank's stock valued at $241,000 after acquiring an additional 443 shares in the last quarter. Hardman Johnston Global Advisors LLC increased its holdings in shares of ICICI Bank by 10.2% during the third quarter. Hardman Johnston Global Advisors LLC now owns 5,735,971 shares of the bank's stock valued at $173,398,000 after acquiring an additional 529,995 shares in the last quarter. Moran Wealth Management LLC increased its holdings in shares of ICICI Bank by 4.8% during the third quarter. Moran Wealth Management LLC now owns 137,857 shares of the bank's stock valued at $4,167,000 after acquiring an additional 6,368 shares in the last quarter. Finally, Kathmere Capital Management LLC grew its holdings in ICICI Bank by 36.9% during the third quarter. Kathmere Capital Management LLC now owns 9,862 shares of the bank's stock worth $298,000 after buying an additional 2,659 shares in the last quarter. 18.18% of the stock is owned by institutional investors and hedge funds.

About ICICI Bank

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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