ICICI Bank (NYSE:IBN) Lowered to “Sell” Rating by StockNews.com

StockNews.com lowered shares of ICICI Bank (NYSE:IBN) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

ICICI Bank Stock Performance

NYSE IBN opened at $28.84 on Monday. ICICI Bank has a fifty-two week low of $23.54 and a fifty-two week high of $32.14. The firm has a market capitalization of $101.80 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 1.53 and a beta of 0.99. The stock’s fifty day moving average is $29.82 and its two-hundred day moving average is $29.55. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01.

ICICI Bank (NYSE:IBN) last released its quarterly earnings data on Saturday, January 25th. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. On average, research analysts anticipate that ICICI Bank will post 1.54 earnings per share for the current year.

Hedge Funds Weigh In On ICICI Bank

A number of institutional investors and hedge funds have recently made changes to their positions in IBN. Cetera Investment Advisers raised its holdings in ICICI Bank by 2.0% during the second quarter. Cetera Investment Advisers now owns 77,015 shares of the bank’s stock worth $2,219,000 after purchasing an additional 1,519 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of ICICI Bank during the second quarter worth $1,534,000. GAMMA Investing LLC grew its position in ICICI Bank by 17.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,915 shares of the bank’s stock valued at $206,000 after buying an additional 1,046 shares during the last quarter. Diversified Trust Co purchased a new position in ICICI Bank during the 3rd quarter worth $582,000. Finally, Atomi Financial Group Inc. lifted its position in ICICI Bank by 22.3% in the third quarter. Atomi Financial Group Inc. now owns 33,537 shares of the bank’s stock valued at $1,001,000 after purchasing an additional 6,119 shares during the period. 18.18% of the stock is owned by institutional investors and hedge funds.

ICICI Bank Company Profile

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.