Investors Purchase High Volume of Call Options on ICICI Bank (IBN)

ICICI Bank Limited (NYSE:IBN) was the target of some unusual options trading activity on Wednesday. Stock investors bought 4,137 call options on the company. This represents an increase of 1,399% compared to the average volume of 276 call options.

Shares of ICICI Bank (IBN) opened at $9.63 on Friday. ICICI Bank has a 52 week low of $6.69 and a 52 week high of $9.93. The company has a market capitalization of $29,888.30, a price-to-earnings ratio of 23.33, a P/E/G ratio of 1.02 and a beta of 1.73. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.72.

Hedge funds have recently made changes to their positions in the stock. Eqis Capital Management Inc. lifted its stake in ICICI Bank by 48.3% in the third quarter. Eqis Capital Management Inc. now owns 89,527 shares of the bank’s stock worth $766,000 after acquiring an additional 29,145 shares during the period. Baillie Gifford & Co. lifted its stake in ICICI Bank by 8.1% in the second quarter. Baillie Gifford & Co. now owns 21,193,323 shares of the bank’s stock worth $190,104,000 after acquiring an additional 1,589,102 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in ICICI Bank during the second quarter valued at $1,137,000. Capital Research Global Investors lifted its position in ICICI Bank by 10.3% during the second quarter. Capital Research Global Investors now owns 2,152,702 shares of the bank’s stock valued at $19,310,000 after buying an additional 201,279 shares during the period. Finally, Sumitomo Life Insurance Co. lifted its position in ICICI Bank by 19.1% during the third quarter. Sumitomo Life Insurance Co. now owns 87,990 shares of the bank’s stock valued at $753,000 after buying an additional 14,090 shares during the period. 21.97% of the stock is owned by institutional investors.

IBN has been the topic of a number of recent research reports. BidaskClub upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Morgan Stanley upgraded shares of ICICI Bank from an “underweight” rating to an “overweight” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a report on Tuesday, September 26th. ValuEngine cut shares of ICICI Bank from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, Jefferies Group upgraded shares of ICICI Bank from a “hold” rating to a “buy” rating in a report on Monday, October 30th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $9.50.

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ICICI Bank Company Profile

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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