ICICI Bank (IBN) Receives Consensus Rating of “Buy” from Analysts

Shares of ICICI Bank (NYSE:IBN) have earned a consensus recommendation of “Buy” from the six brokerages that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company.

A number of equities analysts have recently issued reports on IBN shares. Morgan Stanley started coverage on ICICI Bank in a research report on Tuesday, January 16th. They set an “overweight” rating for the company. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a report on Monday, January 8th. Finally, ValuEngine downgraded ICICI Bank from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th.

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Shares of IBN stock traded down $0.16 on Friday, hitting $8.55. The stock had a trading volume of 10,541,667 shares, compared to its average volume of 7,522,451. ICICI Bank has a 52 week low of $7.48 and a 52 week high of $11.26. The company has a market capitalization of $27,902.15, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 1.07 and a beta of 1.86.

A number of hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its holdings in ICICI Bank by 5.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 462,242 shares of the bank’s stock worth $4,497,000 after purchasing an additional 21,901 shares in the last quarter. Letko Brosseau & Associates Inc. increased its holdings in ICICI Bank by 12.5% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,013,400 shares of the bank’s stock worth $19,590,000 after purchasing an additional 223,700 shares in the last quarter. Schafer Cullen Capital Management Inc. increased its holdings in ICICI Bank by 4.0% in the fourth quarter. Schafer Cullen Capital Management Inc. now owns 1,426,665 shares of the bank’s stock worth $13,881,000 after purchasing an additional 55,174 shares in the last quarter. Lake Street Advisors Group LLC bought a new stake in ICICI Bank in the fourth quarter worth approximately $112,000. Finally, Jane Street Group LLC increased its holdings in ICICI Bank by 18.4% in the fourth quarter. Jane Street Group LLC now owns 93,039 shares of the bank’s stock worth $905,000 after purchasing an additional 14,479 shares in the last quarter. Institutional investors and hedge funds own 21.81% of the company’s stock.

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About ICICI Bank

ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, other accounts; and fixed, recurring, and security deposits.

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