ICICI Bank (IBN) Cut to Strong Sell at ValuEngine

ICICI Bank (NYSE:IBN) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report released on Monday.

IBN has been the topic of a number of other research reports. Sanford C. Bernstein upgraded ICICI Bank from an “underperform” rating to a “market perform” rating in a research note on Monday. Zacks Investment Research downgraded ICICI Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. JPMorgan Chase & Co. upgraded ICICI Bank from a “neutral” rating to an “overweight” rating in a research note on Monday, October 15th. Finally, HSBC downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research note on Friday, November 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $12.00.

Shares of IBN traded up $0.02 during mid-day trading on Monday, reaching $9.90. The company had a trading volume of 7,563,529 shares, compared to its average volume of 7,377,558. ICICI Bank has a 52-week low of $7.61 and a 52-week high of $10.83. The company has a market capitalization of $31.65 billion, a price-to-earnings ratio of 30.94 and a beta of 1.01.

A number of hedge funds have recently modified their holdings of IBN. Baillie Gifford & Co. boosted its position in ICICI Bank by 45.8% during the third quarter. Baillie Gifford & Co. now owns 63,026,111 shares of the bank’s stock worth $535,091,000 after purchasing an additional 19,805,081 shares in the last quarter. OppenheimerFunds Inc. boosted its position in ICICI Bank by 10.3% during the third quarter. OppenheimerFunds Inc. now owns 80,158,860 shares of the bank’s stock worth $680,547,000 after purchasing an additional 7,490,600 shares in the last quarter. FMR LLC boosted its position in ICICI Bank by 56.2% during the third quarter. FMR LLC now owns 18,441,665 shares of the bank’s stock worth $156,570,000 after purchasing an additional 6,631,895 shares in the last quarter. Nordea Investment Management AB purchased a new position in ICICI Bank during the third quarter worth approximately $45,626,000. Finally, Hardman Johnston Global Advisors LLC purchased a new position in ICICI Bank during the third quarter worth approximately $34,836,000. Institutional investors own 23.41% of the company’s stock.

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.

Read More: Do You Need a Fiduciary?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for ICICI Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ICICI Bank and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply