ICICI Bank (NYSE:IBN) Upgraded to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded ICICI Bank from a "strong sell" to a "sell", while other brokers have recently cut ratings and MarketBeat shows a consensus rating of "Reduce".
• Insiders have been net sellers: CEO Sandeep Bakhshi sold 24,999 shares and director Rakesh Jha sold 90,000 shares on April 21, with insiders selling 159,999 shares over the last three months.
• Shares opened at $27.59 with a market cap of $98.8B, a P/E of 17.46, and a 12‑month range of $25.08–$34.56, while the stock trades below its 200‑day moving average ($29.70).

ICICI Bank (NYSE:IBN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other brokerages have also recently weighed in on IBN. Zacks Research cut shares of ICICI Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 15th. Weiss Ratings cut shares of ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, February 18th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ICICI Bank presently has a consensus rating of "Reduce".

ICICI Bank Price Performance

Shares of IBN opened at $27.59 on Friday. The stock has a market capitalization of $98.79 billion, a P/E ratio of 17.46, a P/E/G ratio of 1.42 and a beta of 0.47. ICICI Bank has a twelve month low of $25.08 and a twelve month high of $34.56. The company has a 50 day moving average of $28.02 and a 200-day moving average of $29.70. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

Insider Buying and Selling at ICICI Bank

In related news, CEO Sandeep Bakhshi sold 24,999 shares of the firm's stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total value of $373,735.05. Following the completion of the transaction, the chief executive officer directly owned 1,071,301 shares of the company's stock, valued at approximately $16,015,949.95. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the director directly owned 140,750 shares of the company's stock, valued at $2,102,805. This represents a 39.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 159,999 shares of company stock valued at $2,370,385 over the last three months.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBN. NewEdge Advisors LLC boosted its position in ICICI Bank by 5.4% during the first quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank's stock worth $424,000 after purchasing an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in ICICI Bank by 41.1% during 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 period. Cresset Asset Management LLC boosted its position in ICICI Bank by 45.8% during 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 period. Flow Traders U.S. LLC bought a new position in ICICI Bank during the second quarter worth $221,000. Finally, Cary Street Partners Financial LLC bought a new position in ICICI Bank during the second quarter worth $75,000. 18.18% of the stock is owned by institutional investors.

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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