ICICI Bank (NYSE:IBN) Downgraded to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded ICICI Bank (NYSE:IBN) from a "hold" to a "strong sell", and other firms have cut ratings as well—MarketBeat shows a consensus rating of "Reduce."
• ICICI Bank missed quarterly EPS (reported $0.35 vs. $0.38 expected), reported $8.53 billion in revenue for the quarter, and trades around $28.38 with a market cap of about $101.6 billion and a P/E of ~17.96; analysts expect full-year EPS of 1.53.

ICICI Bank (NYSE:IBN - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms also recently issued reports on IBN. 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. 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. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ICICI Bank has a consensus rating of "Reduce".

ICICI Bank Stock Performance

ICICI Bank stock opened at $28.38 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $28.34 and a 200-day moving average of $29.79. The firm has a market cap of $101.59 billion, a P/E ratio of 17.96, a P/E/G ratio of 1.35 and a beta of 0.47. ICICI Bank has a 1-year low of $25.08 and a 1-year high of $34.56.

ICICI Bank (NYSE:IBN - Get Free Report) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%.The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $3.41 billion. Sell-side analysts expect that ICICI Bank will post 1.53 EPS for the current year.

Institutional Investors Weigh In On ICICI Bank

A number of institutional investors have recently made changes to their positions in IBN. NewEdge Advisors LLC grew its holdings in shares of ICICI Bank by 5.4% during the first quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank's stock valued at $424,000 after buying an additional 689 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in ICICI Bank by 41.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank's stock worth $72,000 after purchasing an additional 625 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in ICICI Bank by 45.8% in the second quarter. Cresset Asset Management LLC now owns 18,205 shares of the bank's stock worth $612,000 after purchasing an additional 5,717 shares during the last quarter. Flow Traders U.S. LLC purchased a new stake in ICICI Bank in the second quarter worth approximately $221,000. Finally, Cary Street Partners Financial LLC purchased a new stake in ICICI Bank in the second quarter worth approximately $75,000. Hedge funds and other institutional investors own 18.18% of the company's stock.

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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