Zacks Investment Research upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a buy rating in a research note issued to investors on Monday, January 8th. The brokerage currently has $11.00 target price on the bank’s stock.
According to Zacks, “ICICI Bank’s shares on NYSE have significantly outperformed the industry over the past three months. The company remains well positioned to capitalize on growth opportunities driven by increased dependence on domestic loans. Also, its efforts to shift its funding to low-cost deposits from wholesale term deposits is likely to help improve its funding profile and further support net interest margin. However, mounting expenses due to continued investment in franchise and digital expansion efforts along with deteriorating asset quality continues to be major near term concerns.”
IBN has been the topic of a number of other research reports. ValuEngine lowered shares of ICICI Bank from a buy rating to a hold rating in a research note on Wednesday, September 27th. Jefferies Group raised shares of ICICI Bank from a hold rating to a buy rating in a report on Monday, October 30th. Finally, Morgan Stanley raised shares of ICICI Bank from an underweight rating to an overweight rating in a report on Wednesday, October 25th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. ICICI Bank currently has a consensus rating of Buy and a consensus target price of $11.00.
ICICI Bank (NYSE:IBN) last issued its earnings results on Friday, October 27th. The bank reported $0.10 EPS for the quarter. ICICI Bank had a net margin of 11.74% and a return on equity of 7.95%. analysts expect that ICICI Bank will post 0.47 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Archford Capital Strategies LLC boosted its position in shares of ICICI Bank by 8,057.4% in the second quarter. Archford Capital Strategies LLC now owns 9,381 shares of the bank’s stock worth $562,000 after purchasing an additional 9,266 shares during the period. Beacon Investment Advisory Services Inc. bought a new position in shares of ICICI Bank during the third quarter worth $100,000. YorkBridge Wealth Partners LLC boosted its position in shares of ICICI Bank by 14.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 12,381 shares of the bank’s stock worth $111,000 after acquiring an additional 1,553 shares during the last quarter. Comerica Securities Inc. purchased a new stake in ICICI Bank during the second quarter valued at $115,000. Finally, Teacher Retirement System of Texas purchased a new stake in ICICI Bank during the third quarter valued at $110,000. Institutional investors and hedge funds own 21.96% of the company’s stock.
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About ICICI Bank
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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