ICICI Bank (IBN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of ICICI Bank (NYSE:IBN) from a hold rating to a buy rating in a research note published on Monday morning. They currently have $11.00 price objective on the bank’s stock.

According to Zacks, “ICICI Bank’s shares on NYSE have significantly outperformed the industry over the past three months. The company remains well positioned to capitalize on growth opportunities driven by increased dependence on domestic loans. Also, its efforts to shift its funding to low-cost deposits from wholesale term deposits is likely to help improve its funding profile and further support net interest margin. However, mounting expenses due to continued investment in franchise and digital expansion efforts along with deteriorating asset quality continues to be major near term concerns.”

IBN has been the subject of several other reports. ValuEngine downgraded shares of ICICI Bank from a buy rating to a hold rating in a research note on Wednesday, September 27th. Jefferies Group upgraded shares of ICICI Bank from a hold rating to a buy rating in a research note on Monday, October 30th. Finally, Morgan Stanley upgraded shares of ICICI Bank from an underweight rating to an overweight rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $11.00.

ICICI Bank (NYSE IBN) traded up $0.05 during trading hours on Monday, hitting $9.76. 4,995,062 shares of the stock traded hands, compared to its average volume of 5,763,208. ICICI Bank has a 1-year low of $6.82 and a 1-year high of $9.93. The firm has a market capitalization of $31,200.00, a P/E ratio of 32.53, a P/E/G ratio of 0.94 and a beta of 1.72.

Several large investors have recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in shares of ICICI Bank by 10.0% during the second quarter. American Century Companies Inc. now owns 12,980 shares of the bank’s stock worth $116,000 after buying an additional 1,180 shares during the period. YorkBridge Wealth Partners LLC raised its holdings in shares of ICICI Bank by 14.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 12,381 shares of the bank’s stock worth $111,000 after purchasing an additional 1,553 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of ICICI Bank by 7.7% during the second quarter. Advisor Group Inc. now owns 22,371 shares of the bank’s stock worth $199,000 after purchasing an additional 1,595 shares during the last quarter. Mariner Wealth Advisors LLC raised its holdings in shares of ICICI Bank by 11.8% during the second quarter. Mariner Wealth Advisors LLC now owns 20,445 shares of the bank’s stock worth $183,000 after purchasing an additional 2,156 shares during the last quarter. Finally, QS Investors LLC raised its holdings in shares of ICICI Bank by 10.0% during the second quarter. QS Investors LLC now owns 38,500 shares of the bank’s stock worth $345,000 after purchasing an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 21.95% of the company’s stock.

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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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