Wall Street Zen Downgrades ICICI Bank (NYSE:IBN) to Sell

ICICI Bank (NYSE:IBN) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ICICI Bank in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

ICICI Bank Stock Down 0.0%

IBN stock opened at $30.03 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $107.34 billion, a P/E ratio of 18.53, a P/E/G ratio of 1.39 and a beta of 0.42. ICICI Bank has a fifty-two week low of $27.42 and a fifty-two week high of $34.56. The business has a 50-day moving average of $30.59 and a 200-day moving average of $31.84.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Saturday, October 18th. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. ICICI Bank had a return on equity of 14.91% and a net margin of 24.91%.The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $3.37 billion. On average, sell-side analysts anticipate that ICICI Bank will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of ICICI Bank

Several institutional investors and hedge funds have recently bought and sold shares of IBN. WCM Investment Management LLC increased its holdings in shares of ICICI Bank by 1.6% during the 2nd quarter. WCM Investment Management LLC now owns 54,453,980 shares of the bank’s stock worth $1,844,356,000 after acquiring an additional 840,619 shares during the last quarter. New Vernon Capital Holdings II LLC lifted its position in shares of ICICI Bank by 3,336.5% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 26,159,740 shares of the bank’s stock valued at $829,941,000 after acquiring an additional 25,398,509 shares during the period. Invesco Ltd. raised its stake in ICICI Bank by 4.1% in the third quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock valued at $707,602,000 after purchasing an additional 928,329 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of ICICI Bank by 9.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 18,972,921 shares of the bank’s stock worth $573,551,000 after acquiring an additional 1,602,152 shares in the last quarter. Finally, Ninety One UK Ltd raised its position in ICICI Bank by 21.4% during the third quarter. Ninety One UK Ltd now owns 9,506,062 shares of the bank’s stock valued at $287,368,000 after purchasing an additional 1,678,059 shares in the last quarter. Institutional investors 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.