ICICI Bank (NYSE:IBN) Upgraded by Sanford C. Bernstein to Strong-Buy Rating

ICICI Bank (NYSE:IBN) was upgraded by analysts at Sanford C. Bernstein from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings cut shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Finally, Zacks Research upgraded shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat, ICICI Bank currently has a consensus rating of “Moderate Buy”.

ICICI Bank Trading Down 0.7%

NYSE IBN opened at $29.23 on Tuesday. The stock has a market capitalization of $104.86 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.62 and a beta of 0.43. The business has a 50 day simple moving average of $27.82 and a 200 day simple moving average of $28.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.02. ICICI Bank has a one year low of $25.08 and a one year high of $34.42.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The firm had revenue of ($2,429.85) million for the quarter, compared to analyst estimates of $3.32 billion. ICICI Bank had a return on equity of 13.88% and a net margin of 25.60%. Research analysts expect that ICICI Bank will post 1.64 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

Hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in shares of ICICI Bank by 855.2% during the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $25,000 after acquiring an additional 744 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of ICICI Bank in the 3rd quarter worth $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of ICICI Bank by 487.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock worth $39,000 after purchasing an additional 1,088 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new stake in ICICI Bank in the 4th quarter valued at $39,000. Finally, Entrust Financial LLC acquired a new stake in ICICI Bank in the 4th quarter valued at $49,000. Institutional investors and hedge funds own 18.18% of the company’s stock.

About ICICI Bank

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.