ICICI Bank (NYSE:IBN) Downgraded by Wall Street Zen to "Sell"

Key Points

• ICICI Bank was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, signaling potential concerns for investors.
• The bank reported an EPS of $0.43 for the last quarter, surpassing forecasts, with revenue of $3.65 billion exceeding expectations of $3.29 billion.
• Institutional investors have increased their stakes significantly, with GQG Partners LLC raising its holdings by 20.6% in the first quarter alone.

Wall Street Zen cut shares of ICICI Bank (NYSE:IBN - Free Report) from a hold rating to a sell rating in a report issued on Saturday morning.

ICICI Bank Stock Performance

IBN traded down $0.06 during midday trading on Friday, reaching $33.79. The company had a trading volume of 5,871,156 shares, compared to its average volume of 4,439,708. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.62. ICICI Bank has a 1 year low of $27.26 and a 1 year high of $34.56. The business has a 50-day moving average of $33.60 and a two-hundred day moving average of $31.54. The company has a market cap of $120.54 billion, a P/E ratio of 20.85, a P/E/G ratio of 2.21 and a beta of 0.60.

ICICI Bank (NYSE:IBN - Get Free Report) last posted its quarterly earnings data on Saturday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The business had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.29 billion. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%. As a group, equities research analysts predict that ICICI Bank will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

Institutional investors have recently modified their holdings of the stock. New Vernon Capital Holdings II LLC lifted its stake in shares of ICICI Bank by 3,336.5% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 26,159,740 shares of the bank's stock worth $829,941,000 after acquiring an additional 25,398,509 shares during the last quarter. GQG Partners LLC raised its position in ICICI Bank by 20.6% during the 1st quarter. GQG Partners LLC now owns 77,407,725 shares of the bank's stock valued at $2,439,891,000 after purchasing an additional 13,222,098 shares in the last quarter. Ninety One UK Ltd raised its position in ICICI Bank by 1,246.5% during the 1st quarter. Ninety One UK Ltd now owns 6,658,755 shares of the bank's stock valued at $209,884,000 after purchasing an additional 6,164,232 shares in the last quarter. White Oak Capital Partners Pte. Ltd. bought a new stake in ICICI Bank during the 4th quarter valued at $155,148,000. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position in ICICI Bank by 31,503.6% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 3,916,634 shares of the bank's stock valued at $123,452,000 after purchasing an additional 3,904,241 shares in the last quarter. 18.18% of the stock is owned by institutional investors.

ICICI Bank Company Profile

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.