ICICI Bank Limited (NYSE:IBN) Upgraded to Buy by Jefferies Group LLC

Jefferies Group LLC upgraded shares of ICICI Bank Limited (NYSE:IBN) from a hold rating to a buy rating in a research note issued to investors on Monday, October 30th, Marketbeat Ratings reports. Jefferies Group also issued estimates for ICICI Bank Limited’s FY2018 earnings at $0.46 EPS and FY2020 earnings at $0.81 EPS.

IBN has been the subject of several other research reports. ValuEngine raised shares of ICICI Bank Limited from a hold rating to a buy rating in a report on Friday, September 1st. Morgan Stanley raised shares of ICICI Bank Limited from an underweight rating to an overweight rating in a report on Wednesday, October 25th. Zacks Investment Research downgraded shares of ICICI Bank Limited from a buy rating to a hold rating in a report on Tuesday, August 1st. Finally, BidaskClub downgraded shares of ICICI Bank Limited from a buy rating to a hold rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. ICICI Bank Limited has an average rating of Buy and an average price target of $9.50.

ICICI Bank Limited (IBN) opened at $9.61 on Monday. The firm has a market cap of $30,785.27, a price-to-earnings ratio of 24.02, a P/E/G ratio of 0.93 and a beta of 1.73. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.72. ICICI Bank Limited has a 1-year low of $6.69 and a 1-year high of $9.85.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in IBN. FMR LLC boosted its holdings in shares of ICICI Bank Limited by 37.1% during the 1st quarter. FMR LLC now owns 4,618,000 shares of the bank’s stock valued at $39,715,000 after purchasing an additional 1,249,300 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ICICI Bank Limited by 9,570.9% during the 1st quarter. BlackRock Inc. now owns 16,350,196 shares of the bank’s stock valued at $140,610,000 after purchasing an additional 16,181,130 shares during the last quarter. United Capital Financial Advisers LLC boosted its holdings in shares of ICICI Bank Limited by 19.5% during the 1st quarter. United Capital Financial Advisers LLC now owns 20,514 shares of the bank’s stock valued at $176,000 after purchasing an additional 3,353 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of ICICI Bank Limited by 23.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 247,165 shares of the bank’s stock valued at $2,126,000 after purchasing an additional 47,005 shares during the last quarter. Finally, Credit Suisse AG boosted its holdings in shares of ICICI Bank Limited by 4.4% during the 1st quarter. Credit Suisse AG now owns 2,594,736 shares of the bank’s stock valued at $22,315,000 after purchasing an additional 109,778 shares during the last quarter. 22.05% of the stock is owned by institutional investors and hedge funds.

ICICI Bank Limited Company Profile

ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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