ICICI Bank (NYSE:IBN) Stock Rating Upgraded by Sanford C. Bernstein

ICICI Bank (NYSE:IBN) was upgraded by research analysts at Sanford C. Bernstein from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on IBN. Wall Street Zen raised ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Zacks Research upgraded ICICI Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings lowered shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, ICICI Bank has an average rating of “Moderate Buy”.

ICICI Bank Trading Down 0.7%

IBN opened at $29.23 on Tuesday. The stock has a market cap of $104.86 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 1.62 and a beta of 0.43. The stock’s 50 day moving average price is $27.82 and its 200-day moving average price is $28.34. ICICI Bank has a one year low of $25.08 and a one year high of $34.42. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. ICICI Bank had a return on equity of 13.88% and a net margin of 25.60%.The firm had revenue of ($2,429.85) million for the quarter, compared to the consensus estimate of $3.32 billion. On average, equities analysts forecast that ICICI Bank will post 1.64 EPS for the current year.

Institutional Trading of ICICI Bank

Several institutional investors and hedge funds have recently modified their holdings of IBN. Larson Financial Group LLC boosted its holdings in shares of ICICI Bank by 855.2% in the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $25,000 after purchasing an additional 744 shares during the period. Advisory Services Network LLC purchased a new position in ICICI Bank during the 3rd quarter worth $25,000. Transamerica Financial Advisors LLC increased its holdings in ICICI Bank by 487.9% during the 4th 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. bought a new stake in ICICI Bank during the 4th quarter valued at $39,000. Finally, McMillan Office Inc. bought a new stake in ICICI Bank during the 4th quarter valued at $49,000. 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.