ICICI Bank (IBN) Given Consensus Rating of “Buy” by Brokerages

ICICI Bank (NYSE:IBN) has earned an average rating of “Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company.

IBN has been the topic of several recent analyst reports. Zacks Investment Research raised shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Monday, January 8th. ValuEngine lowered shares of ICICI Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Finally, Morgan Stanley initiated coverage on shares of ICICI Bank in a research note on Tuesday, January 16th. They set an “overweight” rating on the stock.

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ICICI Bank stock traded up $0.14 during midday trading on Friday, hitting $8.85. 10,700,504 shares of the stock were exchanged, compared to its average volume of 8,134,848. ICICI Bank has a 52 week low of $7.48 and a 52 week high of $11.26. The firm has a market capitalization of $28,350.64, a price-to-earnings ratio of 19.67, a PEG ratio of 1.09 and a beta of 1.86.

A number of hedge funds have recently made changes to their positions in the business. Harding Loevner LP raised its holdings in ICICI Bank by 144.2% during the 3rd quarter. Harding Loevner LP now owns 121,859,547 shares of the bank’s stock worth $348,926,000 after buying an additional 71,952,293 shares during the period. OppenheimerFunds Inc. raised its holdings in ICICI Bank by 15.0% during the 4th quarter. OppenheimerFunds Inc. now owns 61,623,547 shares of the bank’s stock worth $599,597,000 after buying an additional 8,049,720 shares during the period. Lazard Asset Management LLC raised its holdings in ICICI Bank by 1.2% during the 4th quarter. Lazard Asset Management LLC now owns 28,560,613 shares of the bank’s stock worth $277,894,000 after buying an additional 332,194 shares during the period. BlackRock Inc. raised its holdings in ICICI Bank by 12.6% during the 4th quarter. BlackRock Inc. now owns 16,084,638 shares of the bank’s stock worth $156,503,000 after buying an additional 1,796,060 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in ICICI Bank by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 13,725,581 shares of the bank’s stock worth $133,550,000 after buying an additional 48,333 shares during the period. Hedge funds and other 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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