ICICI Bank (NYSE:IBN) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of ICICI Bank (NYSE:IBN) in a report issued on Friday, MarketBeat.com reports. The brokerage set a “buy” rating on the bank’s stock.

A number of other research analysts have also recently weighed in on IBN. Weiss Ratings cut shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Zacks Research upgraded ICICI Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Sanford C. Bernstein upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen raised ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, ICICI Bank currently has an average rating of “Moderate Buy”.

ICICI Bank Stock Performance

Shares of NYSE IBN traded up $0.22 during midday trading on Friday, reaching $29.89. 167,944 shares of the stock were exchanged, compared to its average volume of 6,829,683. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm has a market cap of $107.24 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.61 and a beta of 0.42. The firm has a 50-day simple moving average of $29.38 and a two-hundred day simple moving average of $28.29. ICICI Bank has a twelve month low of $25.08 and a twelve month high of $33.17.

ICICI Bank (NYSE:IBN) last posted its 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. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%. The firm had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $3.32 billion. As a group, analysts anticipate that ICICI Bank will post 1.66 EPS for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

Large investors have recently bought and sold shares of the company. GC Wealth Management RIA LLC raised its holdings in shares of ICICI Bank by 16.9% during the fourth quarter. GC Wealth Management RIA LLC now owns 21,959 shares of the bank’s stock valued at $654,000 after acquiring an additional 3,178 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of ICICI Bank by 6.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 46,966 shares of the bank’s stock worth $1,400,000 after acquiring an additional 2,670 shares during the last quarter. M&T Bank Corp increased its position in shares of ICICI Bank by 33.2% during the fourth quarter. M&T Bank Corp now owns 318,884 shares of the bank’s stock worth $9,503,000 after purchasing an additional 79,563 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of ICICI Bank by 0.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,798,548 shares of the bank’s stock worth $83,397,000 after purchasing an additional 22,214 shares in the last quarter. Finally, HB Wealth Management LLC raised its stake in ICICI Bank by 11.1% in the 4th quarter. HB Wealth Management LLC now owns 12,716 shares of the bank’s stock valued at $379,000 after purchasing an additional 1,271 shares during the last quarter. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

ICICI Bank Company Profile

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.