Somerset Capital Management LLP raised its position in shares of ICICI Bank Ltd (NYSE:IBN) by 6.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,515,506 shares of the bank’s stock after buying an additional 412,553 shares during the period. ICICI Bank comprises about 15.9% of Somerset Capital Management LLP’s investment portfolio, making the stock its 3rd biggest holding. Somerset Capital Management LLP’s holdings in ICICI Bank were worth $74,668,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Hardman Johnston Global Advisors LLC raised its holdings in ICICI Bank by 254.1% in the 4th quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock worth $149,508,000 after purchasing an additional 10,426,347 shares in the last quarter. LMR Partners LLP bought a new position in ICICI Bank in the 4th quarter worth $70,895,000. FMR LLC raised its holdings in ICICI Bank by 30.8% in the 4th quarter. FMR LLC now owns 24,113,697 shares of the bank’s stock worth $248,129,000 after purchasing an additional 5,672,032 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of ICICI Bank in the 3rd quarter worth about $45,626,000. Finally, Castle Hook Partners LP bought a new position in shares of ICICI Bank in the 4th quarter worth about $42,941,000. 23.16% of the stock is owned by institutional investors and hedge funds.
Shares of ICICI Bank stock traded down $0.06 during trading on Monday, hitting $11.19. The company’s stock had a trading volume of 36,980 shares, compared to its average volume of 9,591,462. The firm has a market cap of $35.85 billion, a price-to-earnings ratio of 35.00 and a beta of 0.98. ICICI Bank Ltd has a 52 week low of $7.61 and a 52 week high of $11.59.
Several research analysts recently issued reports on IBN shares. Sanford C. Bernstein upgraded shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a research note on Monday, February 4th. ValuEngine lowered shares of ICICI Bank from a “sell” rating to a “strong sell” rating in a research note on Friday, January 11th. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “strong-buy” rating and set a $12.00 price target for the company in a research note on Friday, January 11th. Finally, Standpoint Research lowered shares of ICICI Bank from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $12.00.
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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, and other accounts; and fixed, recurring, and security deposits.
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