ICICI Bank (NYSE:IBN) Director Rakesh Jha Sells 90,000 Shares

Key Points

• Rakesh Jha sold a total of 135,000 ICICI Bank shares in two trades (90,000 on Apr 21 at $14.94 for $1,344,600 and 45,000 on Apr 23 at $14.49 for $652,050), reducing his stake by 39% to 140,750 shares (total proceeds $1,996,650).
• ICICI Bank stock traded down 1.3% to $27.70, the company has a market cap of about $99.16 billion and a P/E of 17.53, and analyst coverage has turned negative with a MarketBeat consensus rating of "Reduce" after several downgrades.

ICICI Bank Limited (NYSE:IBN - Get Free Report) Director Rakesh Jha sold 90,000 shares of the firm's stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $14.94, for a total transaction of $1,344,600.00. Following the transaction, the director directly owned 140,750 shares of the company's stock, valued at $2,102,805. The trade was a 39.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Rakesh Jha also recently made the following trade(s):

• On Thursday, April 23rd, Rakesh Jha sold 45,000 shares of ICICI Bank stock. The shares were sold at an average price of $14.49, for a total transaction of $652,050.00.

ICICI Bank Stock Down 1.3%

Shares of ICICI Bank stock traded down $0.36 during trading hours 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 one year low of $25.08 and a one year high of $34.56. The company has a market capitalization of $99.16 billion, a P/E ratio of 17.53, a P/E/G ratio of 1.44 and a beta of 0.47. The stock's fifty day simple moving average is $28.09 and its two-hundred day simple moving average is $29.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley lifted its holdings in shares of ICICI Bank by 8.0% in the 4th quarter. Morgan Stanley now owns 53,772,858 shares of the bank's stock worth $1,602,431,000 after acquiring an additional 3,974,437 shares during the last quarter. Temasek Holdings Private Ltd raised its holdings in ICICI Bank by 11.3% during the 4th quarter. Temasek Holdings Private Ltd now owns 29,195,789 shares of the bank's stock valued at $870,035,000 after buying an additional 2,964,312 shares during the last quarter. Invesco Ltd. raised its holdings in ICICI Bank by 4.1% during the 3rd quarter. Invesco Ltd. now owns 23,407,285 shares of the bank's stock valued at $707,602,000 after buying an additional 928,329 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in ICICI Bank by 9.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 18,972,921 shares of the bank's stock valued at $573,551,000 after buying an additional 1,602,152 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in ICICI Bank by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,733,336 shares of the bank's stock valued at $349,660,000 after buying an additional 135,945 shares during the last quarter. Hedge funds and other institutional investors own 18.18% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IBN shares. Weiss Ratings downgraded shares of ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, February 18th. Zacks Research downgraded shares of ICICI Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 15th. Finally, Wall Street Zen downgraded shares of ICICI Bank from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 11th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ICICI Bank currently has a consensus rating of "Reduce".

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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