ICICI Bank (NYSE:IBN) Stock Rating Upgraded by Sanford C. Bernstein

Key Points

• Sanford C. Bernstein upgraded ICICI Bank from a “hold” to a “strong-buy” rating, giving the stock a more bullish analyst view. MarketBeat says the overall analyst consensus remains a “Moderate Buy.”
• ICICI Bank reported a quarterly earnings beat, posting $0.43 EPS versus estimates of $0.40. However, revenue came in below expectations at $2.43 billion versus the $3.32 billion estimate.
• The stock was trading at $29.23 with a market cap of about $104.86 billion, and it has moved between a 52-week low of $25.08 and high of $34.42. Institutional ownership stands at 18.18%.

ICICI Bank (NYSE:IBN - Get Free Report) was upgraded by research analysts at Sanford C. Bernstein from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on IBN. Weiss Ratings cut shares of ICICI Bank from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 8th. Zacks Research raised shares of ICICI Bank from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded ICICI Bank from a "strong sell" rating to a "sell" rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy".

ICICI Bank Stock Performance

NYSE:IBN opened at $29.23 on Tuesday. The stock has a market cap of $104.86 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 1.62 and a beta of 0.43. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 0.58. The stock's 50-day moving average is $27.82 and its 200-day moving average is $28.34. ICICI Bank has a 1-year low of $25.08 and a 1-year high of $34.42.

ICICI Bank (NYSE:IBN - Get Free Report) last issued its quarterly earnings data on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. The business had revenue of ($2,429.85) million during the quarter, compared to analyst estimates of $3.32 billion. ICICI Bank had a net margin of 25.60% and a return on equity of 13.88%. Equities research analysts anticipate that ICICI Bank will post 1.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IBN. Larson Financial Group LLC boosted its stake in shares of ICICI Bank by 855.2% in the 4th quarter. Larson Financial Group LLC now owns 831 shares of the bank's stock valued at $25,000 after purchasing an additional 744 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of ICICI Bank during the third quarter worth $25,000. Transamerica Financial Advisors LLC raised its stake in ICICI Bank by 487.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank's stock worth $39,000 after buying an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. bought a new position in ICICI Bank during the fourth quarter worth $39,000. Finally, Entrust Financial LLC acquired a new position in ICICI Bank in the fourth quarter valued at $49,000. Institutional investors own 18.18% of the company's stock.

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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