Zacks Investment Research upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a buy rating in a research report sent to investors on Monday, January 8th. Zacks Investment Research currently has $11.00 price objective on the bank’s stock.
According to Zacks, “ICICI Bank’s shares on NYSE have significantly outperformed the industry over the past three months. The company remains well positioned to capitalize on growth opportunities driven by increased dependence on domestic loans. Also, its efforts to shift its funding to low-cost deposits from wholesale term deposits is likely to help improve its funding profile and further support net interest margin. However, mounting expenses due to continued investment in franchise and digital expansion efforts along with deteriorating asset quality continues to be major near term concerns.”
IBN has been the subject of several other reports. Jefferies Group raised ICICI Bank from a hold rating to a buy rating in a report on Monday, October 30th. Morgan Stanley raised ICICI Bank from an underweight rating to an overweight rating in a report on Wednesday, October 25th. Finally, ValuEngine cut ICICI Bank from a buy rating to a hold rating in a report on Wednesday, September 27th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $11.00.
ICICI Bank (NYSE IBN) traded down $0.25 during trading hours on Monday, reaching $10.73. The company had a trading volume of 2,504,311 shares, compared to its average volume of 7,057,679. ICICI Bank has a 12-month low of $7.35 and a 12-month high of $11.26. The stock has a market cap of $34,860.00, a P/E ratio of 35.80, a PEG ratio of 1.11 and a beta of 1.72.
Hedge funds have recently bought and sold shares of the business. Beacon Investment Advisory Services Inc. acquired a new position in shares of ICICI Bank in the third quarter worth about $100,000. Teacher Retirement System of Texas acquired a new stake in ICICI Bank during the third quarter valued at approximately $110,000. YorkBridge Wealth Partners LLC raised its stake in ICICI Bank by 14.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 12,381 shares of the bank’s stock valued at $111,000 after buying an additional 1,553 shares in the last quarter. Comerica Securities Inc. acquired a new stake in ICICI Bank during the second quarter valued at approximately $115,000. Finally, American Century Companies Inc. raised its stake in ICICI Bank by 10.0% during the second quarter. American Century Companies Inc. now owns 12,980 shares of the bank’s stock valued at $116,000 after buying an additional 1,180 shares in the last quarter. 21.87% of the stock is owned by hedge funds and other institutional investors.
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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.
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