Bank of Montreal Can reduced its stake in ICICI Bank Ltd (NYSE:IBN) by 1.6% during the third quarter, HoldingsChannel reports. The firm owned 4,768,721 shares of the bank’s stock after selling 77,471 shares during the quarter. Bank of Montreal Can’s holdings in ICICI Bank were worth $40,488,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Bellecapital International Ltd. purchased a new position in ICICI Bank in the 2nd quarter worth approximately $100,000. SP Asset Management purchased a new position in ICICI Bank in the 2nd quarter worth approximately $106,000. BB&T Securities LLC purchased a new position in ICICI Bank in the 1st quarter worth approximately $114,000. Iberiabank Corp purchased a new position in ICICI Bank in the 3rd quarter worth approximately $120,000. Finally, Meristem LLP raised its holdings in ICICI Bank by 57.4% in the 2nd quarter. Meristem LLP now owns 15,763 shares of the bank’s stock worth $127,000 after acquiring an additional 5,749 shares during the last quarter. 22.75% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on IBN. Zacks Investment Research lowered shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a report on Monday, July 30th. Goldman Sachs Group lowered shares of ICICI Bank from a “conviction-buy” rating to a “buy” rating in a report on Thursday, June 21st. Finally, JPMorgan Chase & Co. upgraded shares of ICICI Bank from a “neutral” rating to an “overweight” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. ICICI Bank has a consensus rating of “Buy” and a consensus price target of $11.00.
Shares of IBN opened at $8.34 on Friday. The firm has a market cap of $27.20 billion, a price-to-earnings ratio of 26.16 and a beta of 1.91. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.97. ICICI Bank Ltd has a 1-year low of $7.61 and a 1-year high of $11.26.
ICICI Bank (NYSE:IBN) last announced its earnings results on Friday, July 27th. The bank reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.37 billion. ICICI Bank had a net margin of 6.04% and a return on equity of 3.93%. Sell-side analysts expect that ICICI Bank Ltd will post 0.27 earnings per share for the current year.
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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