Suntrust Banks Inc. grew its holdings in shares of ICICI Bank Ltd (NYSE:IBN) by 45.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 31,291 shares of the bank’s stock after buying an additional 9,834 shares during the period. Suntrust Banks Inc.’s holdings in ICICI Bank were worth $304,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Beacon Investment Advisory Services Inc. bought a new stake in shares of ICICI Bank during the 3rd quarter valued at $100,000. SeaCrest Wealth Management LLC bought a new stake in shares of ICICI Bank during the 4th quarter valued at $107,000. Teacher Retirement System of Texas bought a new stake in shares of ICICI Bank during the 3rd quarter valued at $110,000. Fox Run Management L.L.C. bought a new stake in shares of ICICI Bank during the 4th quarter valued at $120,000. Finally, Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new stake in shares of ICICI Bank during the 3rd quarter valued at $143,000. Hedge funds and other institutional investors own 21.82% of the company’s stock.
IBN has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Monday, January 8th. Morgan Stanley initiated coverage on shares of ICICI Bank in a research note on Tuesday, January 16th. They issued an “overweight” rating on the stock. Finally, ValuEngine cut shares of ICICI Bank from a “buy” rating to a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $11.00.
WARNING: “Suntrust Banks Inc. Increases Stake in ICICI Bank Ltd (IBN)” was first posted by Ticker Report and is the sole property of of Ticker Report. If you are reading this news story on another website, it was illegally stolen and reposted in violation of US and international copyright laws. The legal version of this news story can be accessed at https://www.tickerreport.com/banking-finance/3253196/suntrust-banks-inc-increases-stake-in-icici-bank-ltd-ibn.html.
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.
Want to see what other hedge funds are holding IBN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ICICI Bank Ltd (NYSE:IBN).
Receive News & Ratings for ICICI Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ICICI Bank and related companies with MarketBeat.com's FREE daily email newsletter.