Zacks Research Upgrades ICICI Bank (NYSE:IBN) to “Hold”

ICICI Bank (NYSE:IBN) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Wall Street Zen raised 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 research note on Friday, May 8th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

ICICI Bank Price Performance

NYSE IBN opened at $29.69 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04. The stock has a market cap of $106.47 billion, a price-to-earnings ratio of 18.79, a PEG ratio of 1.55 and a beta of 0.43. The business has a 50 day simple moving average of $27.11 and a 200 day simple moving average of $28.38. ICICI Bank has a 52-week low of $25.08 and a 52-week high of $34.56.

Insiders Place Their Bets

In other news, Director Rakesh Jha sold 45,000 shares of ICICI Bank stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $14.49, for a total transaction of $652,050.00. Following the completion of the sale, the director owned 120,875 shares of the company’s stock, valued at approximately $1,751,478.75. This trade represents a 27.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sandeep Bakhshi sold 24,999 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total transaction of $373,735.05. Following the completion of the transaction, the chief executive officer owned 1,071,301 shares in the company, valued at $16,015,949.95. This trade represents a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 159,999 shares of company stock valued at $2,370,385 in the last three months.

Institutional Investors Weigh In On ICICI Bank

A number of large investors have recently added to or reduced their stakes in IBN. Larson Financial Group LLC raised its holdings in ICICI Bank by 855.2% in the 4th 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 acquired a new position in ICICI Bank in the third quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its position in ICICI Bank by 487.9% during the fourth 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 during the period. Atlas Capital Advisors Inc. acquired a new stake in ICICI Bank during the fourth quarter worth about $39,000. Finally, Entrust Financial LLC bought a new position in ICICI Bank in the 4th quarter valued at about $49,000. Institutional investors and hedge funds own 18.18% of the company’s stock.

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.