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

Wall Street Zen upgraded shares of ICICI Bank (NYSE:IBN) from a sell rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

IBN has been the topic of a number of other reports. Weiss Ratings lowered ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. The Goldman Sachs Group initiated coverage on ICICI Bank in a report on Friday, August 21st. They set a “buy” rating for the company. Sanford C. Bernstein raised ICICI Bank from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Zacks Research raised shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, ICICI Bank has a consensus rating of “Moderate Buy”.

ICICI Bank Stock Performance

Shares of NYSE:IBN opened at $30.38 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $29.67 and a 200-day moving average price of $28.25. The company has a market cap of $109.01 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 1.63 and a beta of 0.42. ICICI Bank has a 12 month low of $25.08 and a 12 month high of $33.03.

ICICI Bank (NYSE:IBN) last posted its earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. As a group, equities analysts anticipate that ICICI Bank will post 1.66 EPS for the current year.

Hedge Funds Weigh In On ICICI Bank

Institutional investors have recently added to or reduced their stakes in the company. Templeton & Phillips Capital Management LLC lifted its position in ICICI Bank by 0.7% during the fourth quarter. Templeton & Phillips Capital Management LLC now owns 66,817 shares of the bank’s stock valued at $1,991,000 after buying an additional 450 shares during the period. Cetera Investment Advisers grew its position in shares of ICICI Bank by 0.4% in the 4th quarter. Cetera Investment Advisers now owns 114,558 shares of the bank’s stock worth $3,414,000 after buying an additional 458 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of ICICI Bank by 40.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,709 shares of the bank’s stock worth $51,000 after buying an additional 489 shares during the period. HighTower Advisors LLC increased its stake in shares of ICICI Bank by 0.3% in the 4th quarter. HighTower Advisors LLC now owns 189,985 shares of the bank’s stock worth $5,662,000 after acquiring an additional 492 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of ICICI Bank by 11.4% in the 4th quarter. UMB Bank n.a. now owns 5,375 shares of the bank’s stock worth $160,000 after acquiring an additional 549 shares in the last quarter. 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.