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

Key Points

• Wall Street Zen has upgraded ICICI Bank (NYSE: IBN) from a “sell” rating to a “hold” rating, indicating potentially improved outlook.
• ICICI Bank reported earnings of $0.43 per share, surpassing analyst expectations of $0.40, with a revenue of $3.65 billion for the last quarter.
• Institutional investors are increasing their stakes in ICICI Bank, with significant boosts in holdings from multiple firms, reflecting growing confidence in the bank.

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

ICICI Bank Price Performance

NYSE IBN traded down $0.09 during trading on Friday, hitting $30.61. 4,147,519 shares of the stock traded hands, compared to its average volume of 4,548,898. The company has a market capitalization of $109.27 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 1.93 and a beta of 0.57. The firm has a 50-day simple moving average of $32.53 and a 200-day simple moving average of $32.67. 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 released its quarterly earnings results on Saturday, July 19th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. The business had revenue of $3.65 billion during the quarter, compared to analysts' expectations of $3.29 billion. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%. As a group, analysts predict that ICICI Bank will post 1.53 EPS for the current year.

Hedge Funds Weigh In On ICICI Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC boosted its holdings in shares of ICICI Bank by 1,253.4% in 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 period. Wayfinding Financial LLC purchased a new position in shares of ICICI Bank in the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of ICICI Bank in the 2nd quarter worth approximately $36,000. NewSquare Capital LLC boosted its holdings in shares of ICICI Bank by 118.5% in the 2nd quarter. NewSquare Capital LLC now owns 1,250 shares of the bank's stock worth $42,000 after purchasing an additional 678 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of ICICI Bank by 53.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank's stock worth $48,000 after purchasing an additional 528 shares during the period. Hedge funds and other institutional investors 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.

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