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

Key Points

• ICICI Bank has been downgraded from a "hold" to a "sell" rating by Wall Street Zen due to changing market conditions.
• The bank reported earnings per share of $0.43, exceeding analyst estimates of $0.40, with revenue of $3.65 billion in its last quarterly report.
• Institutional investors have recently increased their stakes in ICICI Bank, indicating ongoing interest despite the downgrade, with 18.18% of the company's stock owned by such investors.

ICICI Bank (NYSE:IBN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

ICICI Bank Price Performance

IBN opened at $30.77 on Friday. The stock has a fifty day moving average of $32.16 and a 200-day moving average of $32.70. The firm has a market capitalization of $109.86 billion, a P/E ratio of 18.99, a PEG ratio of 1.93 and a beta of 0.52. 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 12-month low of $27.42 and a 12-month high of $34.56.

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

Institutional Investors Weigh In On ICICI Bank

Several institutional investors and hedge funds have recently modified their holdings of IBN. First National Bank of Hutchinson lifted its holdings in ICICI Bank by 3.0% in the 1st quarter. First National Bank of Hutchinson now owns 10,904 shares of the bank's stock worth $344,000 after purchasing an additional 319 shares during the last quarter. Mayflower Financial Advisors LLC increased its position in ICICI Bank by 4.8% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 7,263 shares of the bank's stock worth $244,000 after buying an additional 334 shares during the period. Wealthstream Advisors Inc. increased its position in ICICI Bank by 3.5% in the 1st quarter. Wealthstream Advisors Inc. now owns 10,245 shares of the bank's stock worth $323,000 after buying an additional 344 shares during the period. Drive Wealth Management LLC increased its position in ICICI Bank by 3.4% during the second quarter. Drive Wealth Management LLC now owns 10,941 shares of the bank's stock worth $368,000 after acquiring an additional 357 shares during the period. Finally, Golden State Equity Partners increased its position in ICICI Bank by 5.2% during the first quarter. Golden State Equity Partners now owns 7,360 shares of the bank's stock worth $232,000 after acquiring an additional 367 shares during the period. Institutional investors and hedge funds own 18.18% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.