ICICI Bank (NYSE:IBN) Upgraded at Zacks Research

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

A number of other equities analysts also recently issued reports on the company. Wall Street Zen upgraded ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings lowered shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold”.

ICICI Bank Stock Performance

NYSE IBN opened at $29.69 on Monday. The company has a market capitalization 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 stock has a fifty day simple moving average of $27.11 and a 200 day simple moving average of $28.38. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. ICICI Bank has a twelve month low of $25.08 and a twelve month high of $34.56.

Insider Activity at ICICI Bank

In other news, CEO Sandeep Bakhshi sold 24,999 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total value of $373,735.05. Following the transaction, the chief executive officer owned 1,071,301 shares of the company’s stock, valued at approximately $16,015,949.95. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rakesh Jha sold 90,000 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $14.94, for a total value of $1,344,600.00. Following the completion of the sale, the director owned 140,750 shares in the company, valued at $2,102,805. This trade represents a 39.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 159,999 shares of company stock valued at $2,370,385.

Institutional Trading of ICICI Bank

A number of large investors have recently modified their holdings of the business. Arta Finance Wealth Management LLC purchased a new position in ICICI Bank in the fourth quarter worth $648,000. Klein Pavlis & Peasley Financial Inc. lifted its stake in ICICI Bank by 13.4% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 123,827 shares of the bank’s stock worth $3,690,000 after purchasing an additional 14,586 shares during the last quarter. Mayflower Financial Advisors LLC lifted its stake in ICICI Bank by 19.5% during the fourth quarter. Mayflower Financial Advisors LLC now owns 8,799 shares of the bank’s stock worth $262,000 after purchasing an additional 1,436 shares during the last quarter. Castleview Partners LLC boosted its holdings in shares of ICICI Bank by 8.9% in the 4th quarter. Castleview Partners LLC now owns 7,778 shares of the bank’s stock worth $232,000 after purchasing an additional 634 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of ICICI Bank by 23.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,215,868 shares of the bank’s stock valued at $36,233,000 after buying an additional 227,400 shares in the last quarter. Institutional investors own 18.18% of the company’s stock.

About ICICI Bank

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.