ICICI Bank (IBN) Downgraded by Zacks Investment Research to Sell

ICICI Bank (NYSE:IBN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “ICICI Bank’s shares on the NYSE have outperformed the industry over the past six months. While the company remains well positioned to capitalize on growth opportunities, given the increased dependence on domestic loans, improving net interest margin and efforts to digitize operations, deteriorating asset quality continues to be a major headwind as it is likely to continue hurting financial performance in the near term. Moreover, mounting expenses due to continued investment in franchise will likely hamper bottom-line growth.”

Several other analysts have also recently commented on IBN. Goldman Sachs Group cut shares of ICICI Bank from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, June 21st. ValuEngine upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. Finally, JPMorgan Chase & Co. upgraded shares of ICICI Bank from a “neutral” rating to an “overweight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. ICICI Bank has a consensus rating of “Buy” and an average target price of $11.00.

Shares of ICICI Bank stock traded down $0.22 on Wednesday, hitting $8.54. 307,185 shares of the company’s stock traded hands, compared to its average volume of 7,440,751. The stock has a market capitalization of $27.20 billion, a price-to-earnings ratio of 26.69 and a beta of 1.91. ICICI Bank has a one year low of $7.61 and a one year high of $11.26. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.12 and a current ratio of 1.12.

ICICI Bank (NYSE:IBN) last issued its earnings results on Friday, July 27th. The bank reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.07). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.37 billion. ICICI Bank had a net margin of 6.04% and a return on equity of 3.93%. As a group, research analysts forecast that ICICI Bank will post 0.27 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of IBN. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of ICICI Bank in the 3rd quarter valued at $1,236,000. Deprince Race & Zollo Inc. increased its position in shares of ICICI Bank by 22.0% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 904,601 shares of the bank’s stock valued at $7,680,000 after buying an additional 163,220 shares in the last quarter. Iberiabank Corp bought a new stake in shares of ICICI Bank in the 3rd quarter valued at $120,000. Daiwa SB Investments Ltd. increased its position in shares of ICICI Bank by 38.1% in the 3rd quarter. Daiwa SB Investments Ltd. now owns 23,180 shares of the bank’s stock valued at $197,000 after buying an additional 6,400 shares in the last quarter. Finally, United Services Automobile Association increased its position in shares of ICICI Bank by 20.2% in the 2nd quarter. United Services Automobile Association now owns 1,866,390 shares of the bank’s stock valued at $14,987,000 after buying an additional 313,420 shares in the last quarter. Institutional investors own 22.75% of the company’s stock.

About ICICI Bank

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.

Featured Article: Analyzing a company’s cash flow statement

Get a free copy of the Zacks research report on ICICI Bank (IBN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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