ICICI Bank (NYSE:IBN) – Research analysts at Jefferies Group cut their FY2020 earnings estimates for shares of ICICI Bank in a note issued to investors on Tuesday, April 3rd. Jefferies Group analyst N. Karfa now forecasts that the bank will post earnings of $0.79 per share for the year, down from their prior estimate of $0.82.
Several other brokerages also recently weighed in on IBN. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Monday, January 8th. ValuEngine downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Finally, Morgan Stanley initiated coverage on ICICI Bank in a research note on Tuesday, January 16th. They issued an “overweight” rating on the stock. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $11.00.
Shares of IBN stock opened at $8.42 on Friday. ICICI Bank has a twelve month low of $7.48 and a twelve month high of $11.26. The company has a market capitalization of $27,389.60, a price-to-earnings ratio of 18.71, a P/E/G ratio of 0.75 and a beta of 1.89.
Several hedge funds have recently made changes to their positions in IBN. Daiwa SB Investments Ltd. lifted its holdings in shares of ICICI Bank by 52.7% in the 4th quarter. Daiwa SB Investments Ltd. now owns 23,180 shares of the bank’s stock valued at $226,000 after buying an additional 8,000 shares during the period. US Bancorp DE lifted its holdings in shares of ICICI Bank by 1.7% in the 4th quarter. US Bancorp DE now owns 561,027 shares of the bank’s stock valued at $5,458,000 after buying an additional 9,144 shares during the period. Sumitomo Life Insurance Co. lifted its holdings in shares of ICICI Bank by 10.7% in the 4th quarter. Sumitomo Life Insurance Co. now owns 97,390 shares of the bank’s stock valued at $948,000 after buying an additional 9,400 shares during the period. Suntrust Banks Inc. lifted its holdings in shares of ICICI Bank by 45.8% in the 4th quarter. Suntrust Banks Inc. now owns 31,291 shares of the bank’s stock valued at $304,000 after buying an additional 9,834 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in shares of ICICI Bank by 4.5% in the 4th quarter. Guggenheim Capital LLC now owns 251,961 shares of the bank’s stock valued at $2,451,000 after buying an additional 10,863 shares during the period. Institutional investors own 21.81% of the company’s stock.
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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, other accounts; and fixed, recurring, and security deposits.
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