Zacks Investment Research upgraded shares of ICICI Bank Ltd (NYSE:IBN) from a hold rating to a buy rating in a research report report published on Monday, May 8th. They currently have $10.00 price objective on the bank’s stock.
According to Zacks, “ICICI Bank’s shares have outperformed the Zacks categorized Foreign Banks industry, over the last three months. The company's fourth-quarter fiscal 2017 results were supported by an increase in revenues. These were partially offset by higher costs and provisions. The company is well positioned to capitalize on growth opportunities on the back of increased dependence on domestic loans, focus on improving fee income and a stable fund base. While this strengthened the company’s financials, mounting expenses, continuously deteriorating asset quality and stringent regulatory requirements have been hurting its financial performance.”
A number of other equities research analysts also recently weighed in on the company. Jefferies Group LLC downgraded ICICI Bank from a buy rating to a hold rating in a report on Monday, March 6th. Macquarie raised ICICI Bank from a neutral rating to an outperform rating in a report on Monday, March 20th. Finally, Morgan Stanley downgraded ICICI Bank from an equal weight rating to an underweight rating in a report on Tuesday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $10.00.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of ICICI Bank by 8.2% in the first quarter. Wellington Management Group LLP now owns 33,819,375 shares of the bank’s stock valued at $290,846,000 after buying an additional 2,560,119 shares during the last quarter. Black Creek Investment Management Inc. boosted its position in ICICI Bank by 10.2% in the first quarter. Black Creek Investment Management Inc. now owns 26,928,338 shares of the bank’s stock valued at $231,584,000 after buying an additional 2,484,955 shares during the period. Morgan Stanley boosted its position in ICICI Bank by 47.4% in the third quarter. Morgan Stanley now owns 23,159,640 shares of the bank’s stock valued at $173,002,000 after buying an additional 7,449,446 shares during the period. Nordea Investment Management AB boosted its position in ICICI Bank by 13.5% in the third quarter. Nordea Investment Management AB now owns 19,129,832 shares of the bank’s stock valued at $142,900,000 after buying an additional 2,276,775 shares during the period. Finally, Earnest Partners LLC boosted its position in ICICI Bank by 5.3% in the first quarter. Earnest Partners LLC now owns 18,952,981 shares of the bank’s stock valued at $162,996,000 after buying an additional 945,965 shares during the period. 23.49% of the stock is currently owned by institutional investors and hedge funds.
About ICICI Bank
ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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