Schafer Cullen Capital Management Inc. raised its position in shares of ICICI Bank Limited (NYSE:IBN) by 14.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,355,946 shares of the bank’s stock after purchasing an additional 175,802 shares during the period. Schafer Cullen Capital Management Inc.’s holdings in ICICI Bank Limited were worth $12,163,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cullen Capital Management LLC raised its position in ICICI Bank Limited by 28.6% during the second quarter. Cullen Capital Management LLC now owns 1,278,475 shares of the bank’s stock valued at $11,468,000 after purchasing an additional 284,225 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of ICICI Bank Limited by 175.4% in the second quarter. The Manufacturers Life Insurance Company now owns 1,159,848 shares of the bank’s stock worth $10,403,000 after buying an additional 738,662 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of ICICI Bank Limited by 13.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 153,010 shares of the bank’s stock worth $1,364,000 after buying an additional 17,910 shares during the period. Earnest Partners LLC increased its holdings in shares of ICICI Bank Limited by 7.7% in the second quarter. Earnest Partners LLC now owns 20,420,372 shares of the bank’s stock worth $183,171,000 after buying an additional 1,467,391 shares during the period. Finally, Sciencast Management LP purchased a new position in shares of ICICI Bank Limited in the second quarter worth about $177,000. Institutional investors and hedge funds own 21.68% of the company’s stock.
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ICICI Bank Limited (NYSE:IBN) last issued its earnings results on Thursday, July 27th. The bank reported $0.10 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.10. The business had revenue of $1.39 billion for the quarter. ICICI Bank Limited had a net margin of 13.03% and a return on equity of 8.86%.
Several research analysts have recently commented on the company. ValuEngine upgraded ICICI Bank Limited from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research downgraded ICICI Bank Limited from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, BidaskClub downgraded ICICI Bank Limited from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $9.50.
About ICICI Bank Limited
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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