Portland Global Advisors LLC lowered its position in ICICI Bank Ltd (NYSE:IBN) by 2.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 248,203 shares of the bank’s stock after selling 5,588 shares during the quarter. ICICI Bank makes up about 1.0% of Portland Global Advisors LLC’s holdings, making the stock its 25th biggest holding. Portland Global Advisors LLC’s holdings in ICICI Bank were worth $2,844,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. FMR LLC increased its holdings in shares of ICICI Bank by 30.8% in the 4th quarter. FMR LLC now owns 24,113,697 shares of the bank’s stock valued at $248,129,000 after acquiring an additional 5,672,032 shares during the period. ARGA Investment Management LP increased its position in ICICI Bank by 2.0% in the fourth quarter. ARGA Investment Management LP now owns 16,945,330 shares of the bank’s stock worth $174,367,000 after buying an additional 328,870 shares during the period. Hardman Johnston Global Advisors LLC increased its position in ICICI Bank by 254.1% in the fourth quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock worth $149,508,000 after buying an additional 10,426,347 shares during the period. Pendal Group Ltd increased its position in ICICI Bank by 1.5% in the fourth quarter. Pendal Group Ltd now owns 7,842,328 shares of the bank’s stock worth $84,519,000 after buying an additional 116,264 shares during the period. Finally, LMR Partners LLP acquired a new stake in ICICI Bank in the fourth quarter worth $70,895,000. Institutional investors own 23.16% of the company’s stock.
Several brokerages have weighed in on IBN. Zacks Investment Research raised ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Tuesday, April 9th. Standpoint Research lowered ICICI Bank from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Sanford C. Bernstein raised ICICI Bank from an “underperform” rating to a “market perform” rating in a research report on Monday, February 4th. Finally, ValuEngine lowered ICICI Bank from a “sell” rating to a “strong sell” rating in a report on Monday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $12.00.
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ICICI Bank Company Profile
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, and other accounts; and fixed, recurring, and security deposits.
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