Lazard Asset Management LLC Has $89.33 Million Stake in ICICI Bank Ltd (IBN)

Lazard Asset Management LLC raised its stake in shares of ICICI Bank Ltd (NYSE:IBN) by 69.9% during the first quarter, Holdings Channel reports. The fund owned 10,386,637 shares of the bank’s stock after buying an additional 4,273,463 shares during the period. Lazard Asset Management LLC’s holdings in ICICI Bank were worth $89,325,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IBN. River & Mercantile Asset Management LLP acquired a new position in shares of ICICI Bank during the fourth quarter valued at about $2,143,000. Augustine Asset Management Inc. acquired a new position in shares of ICICI Bank during the first quarter valued at about $2,258,000. FMR LLC increased its position in shares of ICICI Bank by 29.2% in the fourth quarter. FMR LLC now owns 3,368,700 shares of the bank’s stock valued at $25,232,000 after buying an additional 761,500 shares during the last quarter. Portland Global Advisors LLC increased its position in shares of ICICI Bank by 0.3% in the first quarter. Portland Global Advisors LLC now owns 237,164 shares of the bank’s stock valued at $2,040,000 after buying an additional 650 shares during the last quarter. Finally, Bank of The West acquired a new position in shares of ICICI Bank during the first quarter valued at about $208,000. Hedge funds and other institutional investors own 23.49% of the company’s stock.

Institutional Ownership by Quarter for ICICI Bank (NYSE:IBN)

ICICI Bank Ltd (NYSE:IBN) traded down 0.20% during midday trading on Friday, hitting $9.87. The stock had a trading volume of 5,649,830 shares. The company has a 50-day moving average of $9.27 and a 200-day moving average of $8.41. ICICI Bank Ltd has a 1-year low of $6.58 and a 1-year high of $10.10. The stock has a market cap of $28.74 billion, a price-to-earnings ratio of 18.28 and a beta of 1.82.

The company also recently declared an annual dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 21st will be paid a $0.078 dividend. The ex-dividend date is Monday, June 19th. ICICI Bank’s payout ratio is 34.88%.

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IBN has been the subject of several research analyst reports. Morgan Stanley downgraded ICICI Bank from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, March 21st. Jefferies Group LLC downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Monday, March 6th. Macquarie upgraded ICICI Bank from a “neutral” rating to an “outperform” rating in a research report on Monday, March 20th. Zacks Investment Research downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 8th. Finally, Goldman Sachs Group Inc upgraded ICICI Bank from a “buy” rating to a “conviction-buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $11.00.

About ICICI Bank

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “IBN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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