Wall Street Zen Upgrades ICICI Bank (NYSE:IBN) to "Hold"

Key Points

• ICICI Bank has been upgraded from a "sell" rating to a "hold" rating by analysts at Wall Street Zen.
• For the most recent quarter, ICICI Bank reported $0.43 EPS, exceeding consensus estimates by $0.03, with a net margin of 24.81%.
• Institutional investors currently own 18.18% of ICICI Bank's stock, with various hedge funds increasing their holdings in recent months.

ICICI Bank (NYSE:IBN - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Friday.

ICICI Bank Price Performance

ICICI Bank stock traded up $0.04 during midday trading on Friday, reaching $31.90. The company's stock had a trading volume of 1,575,980 shares, compared to its average volume of 4,674,590. ICICI Bank has a 52 week low of $27.42 and a 52 week high of $34.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average price of $33.25 and a 200-day moving average price of $32.16. The stock has a market cap of $113.85 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 2.03 and a beta of 0.61.

ICICI Bank (NYSE:IBN - Get Free Report) last released its earnings results on Saturday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.03. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%.The firm had revenue of $3.65 billion for the quarter, compared to analysts' expectations of $3.29 billion. On average, sell-side analysts predict that ICICI Bank will post 1.53 EPS for the current year.

Institutional Trading of ICICI Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its holdings in shares of ICICI Bank by 1,253.4% during the first 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 shares of ICICI Bank during the first quarter worth about $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of ICICI Bank in the second quarter worth approximately $36,000. NewSquare Capital LLC lifted its stake in shares of ICICI Bank by 118.5% in the second quarter. NewSquare Capital LLC now owns 1,250 shares of the bank's stock worth $42,000 after acquiring an additional 678 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of ICICI Bank by 53.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank's stock worth $48,000 after acquiring an additional 528 shares during the period. 18.18% of the stock is currently 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.