ICICI Bank (IBN) Shares Gap Down to $8.67

ICICI Bank Ltd (NYSE:IBN)’s share price gapped down before the market opened on Friday . The stock had previously closed at $8.88, but opened at $8.67. ICICI Bank shares last traded at $8.45, with a volume of 6417999 shares.

Separately, ValuEngine lowered shares of ICICI Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, May 9th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $11.00.

The stock has a market capitalization of $27.07 billion, a P/E ratio of 26.41, a PEG ratio of 0.82 and a beta of 1.88.

Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank grew its position in ICICI Bank by 2.6% in the 1st quarter. Comerica Bank now owns 246,382 shares of the bank’s stock valued at $2,155,000 after buying an additional 6,132 shares in the last quarter. Stifel Financial Corp grew its position in ICICI Bank by 3.2% in the 1st quarter. Stifel Financial Corp now owns 270,772 shares of the bank’s stock valued at $2,404,000 after buying an additional 8,421 shares in the last quarter. US Bancorp DE grew its position in 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 in the last quarter. Sumitomo Life Insurance Co. grew its position in 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 in the last quarter. Finally, Suntrust Banks Inc. grew its position in 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 in the last quarter. Institutional investors and hedge funds own 21.82% 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, other accounts; and fixed, recurring, and security deposits.

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