ICICI Bank (NYSE:IBN) Now Covered by Analysts at Weiss Ratings

Key Points

• Weiss Ratings has initiated coverage of ICICI Bank with a "hold (c+)" rating, while Wall Street Zen has downgraded the bank's rating from "hold" to "sell."
• ICICI Bank's stock has experienced a 1.6% increase, trading at $31.75 with a trading volume of 1,700,199 shares.
• The bank reported earnings of $0.43 per share for its last quarter, exceeding analyst estimates, and had revenue of $3.65 billion against expectations of $3.29 billion.

Weiss Ratings assumed coverage on shares of ICICI Bank (NYSE:IBN - Get Free Report) in a research report issued to clients and investors on Wednesday,Weiss Ratings reports. The firm set a "hold (c+)" rating on the bank's stock.

Separately, Wall Street Zen cut shares of ICICI Bank from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold".

ICICI Bank Stock Up 1.6%

NYSE:IBN traded up $0.51 during trading hours on Wednesday, reaching $31.75. The company's stock had a trading volume of 1,700,199 shares, compared to its average volume of 4,694,775. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.00 and a quick ratio of 1.00. ICICI Bank has a one year low of $27.42 and a one year high of $34.56. The business's 50-day moving average is $31.71 and its 200-day moving average is $32.72. The company has a market cap of $113.39 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 1.54 and a beta of 0.52.

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 for the quarter, topping the consensus estimate of $0.40 by $0.03. The company had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.29 billion. ICICI Bank had a net margin of 24.91% and a return on equity of 15.10%. Equities research analysts predict that ICICI Bank will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Cornerstone Planning Group LLC increased its stake in shares of ICICI Bank by 1,253.4% during the 1st quarter. Cornerstone Planning Group LLC now owns 785 shares of the bank's stock worth $26,000 after purchasing an additional 727 shares during the last quarter. Wayfinding Financial LLC bought a new stake in ICICI Bank in the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. bought a new stake in ICICI Bank in the 2nd quarter valued at about $36,000. NewSquare Capital LLC boosted its holdings in ICICI Bank by 118.5% in the 2nd quarter. NewSquare Capital LLC now owns 1,250 shares of the bank's stock valued at $42,000 after purchasing an additional 678 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in ICICI Bank by 53.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank's stock valued at $48,000 after purchasing an additional 528 shares during the period. 18.18% of the stock is currently owned by institutional investors and hedge funds.

About ICICI Bank

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.

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