Morgan Stanley lowered shares of ICICI Bank Ltd (NYSE:IBN) from an equal weight rating to an underweight rating in a report released on Tuesday, The Fly reports.
A number of other brokerages have also issued reports on IBN. Macquarie upgraded shares of ICICI Bank from a neutral rating to an outperform rating in a report on Monday, March 20th. Jefferies Group LLC lowered shares of ICICI Bank from a buy rating to a hold rating in a report on Monday, March 6th. Finally, Zacks Investment Research upgraded shares of ICICI Bank from a hold rating to a buy rating and set a $9.25 price objective for the company in a report on Tuesday, March 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. ICICI Bank has a consensus rating of Hold and an average target price of $9.25.
Shares of ICICI Bank (NYSE:IBN) opened at 8.40 on Tuesday. ICICI Bank has a 12 month low of $6.30 and a 12 month high of $8.81. The company has a market cap of $24.42 billion, a price-to-earnings ratio of 15.79 and a beta of 1.82. The stock has a 50 day moving average of $8.41 and a 200-day moving average of $8.00.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BOKF NA purchased a new position in ICICI Bank during the third quarter valued at about $102,000. Creative Planning raised its position in ICICI Bank by 216.4% in the third quarter. Creative Planning now owns 16,741 shares of the company’s stock valued at $125,000 after buying an additional 11,450 shares during the last quarter. United Capital Financial Advisers LLC raised its position in ICICI Bank by 24.6% in the fourth quarter. United Capital Financial Advisers LLC now owns 17,161 shares of the company’s stock valued at $129,000 after buying an additional 3,392 shares during the last quarter. Pitcairn Co. purchased a new position in ICICI Bank during the fourth quarter valued at about $161,000. Finally, Ellington Management Group LLC purchased a new position in ICICI Bank during the fourth quarter valued at about $167,000. Hedge funds and other institutional investors own 23.49% of the company’s stock.
ICICI Bank Company Profile
ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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