ICICI Bank (NYSE:IBN) CEO Sandeep Bakhshi Sells 24,999 Shares

Key Points

• CEO Sandeep Bakhshi sold 24,999 shares on April 21 at an average price of $14.95 for a total of $373,735, leaving him with 1,071,301 shares (a 2.28% reduction in his stake).
• ICICI Bank (IBN) traded around $27.70 midday, with a market cap of $99.16 billion, a P/E of 17.53, and a 52-week range of $25.08–$34.56, while its 50- and 200-day moving averages sit at $28.09 and $29.72 respectively.
• Analysts have recently downgraded the stock (Weiss, Zacks, Wall Street Zen moved ratings toward "hold"/"strong sell"), and institutional investors own roughly 18.18% of the company as several hedge funds adjusted their positions.

ICICI Bank Limited (NYSE:IBN - Get Free Report) CEO Sandeep Bakhshi sold 24,999 shares of the firm's stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total value of $373,735.05. Following the completion of the sale, the chief executive officer directly owned 1,071,301 shares of the company's stock, valued at approximately $16,015,949.95. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

ICICI Bank Stock Performance

Shares of IBN traded down $0.36 during mid-day trading on Friday, reaching $27.70. The company's stock had a trading volume of 3,804,991 shares, compared to its average volume of 6,760,740. ICICI Bank Limited has a 1-year low of $25.08 and a 1-year high of $34.56. The stock has a market cap of $99.16 billion, a P/E ratio of 17.53, a PEG ratio of 1.44 and a beta of 0.47. The business has a 50-day simple moving average of $28.09 and a two-hundred day simple moving average of $29.72. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.58.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds have recently added to or reduced their stakes in IBN. NewEdge Advisors LLC increased its stake in ICICI Bank by 5.4% during the 1st quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank's stock worth $424,000 after acquiring an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in ICICI Bank by 41.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank's stock worth $72,000 after acquiring an additional 625 shares during the period. Cresset Asset Management LLC increased its stake in ICICI Bank by 45.8% during the 2nd quarter. Cresset Asset Management LLC now owns 18,205 shares of the bank's stock worth $612,000 after acquiring an additional 5,717 shares during the period. Flow Traders U.S. LLC bought a new position in ICICI Bank during the 2nd quarter worth $221,000. Finally, Cary Street Partners Financial LLC bought a new position in ICICI Bank during the 2nd quarter worth $75,000. Institutional investors own 18.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IBN. Weiss Ratings lowered ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, February 18th. Zacks Research lowered ICICI Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 15th. Finally, Wall Street Zen lowered ICICI Bank from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 11th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce".

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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