Sanford C. Bernstein Upgrades ICICI Bank (IBN) to Market Perform

ICICI Bank (NYSE:IBN) was upgraded by Sanford C. Bernstein from an “underperform” rating to a “market perform” rating in a research note issued on Monday, February 4th, The Fly reports.

Several other analysts have also recently issued reports on IBN. ValuEngine cut ICICI Bank from a “sell” rating to a “strong sell” rating in a report on Friday, January 11th. Zacks Investment Research raised ICICI Bank from a “hold” rating to a “strong-buy” rating and set a $12.00 target price on the stock in a research report on Friday, January 11th. HSBC downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Friday, November 23rd. Finally, JPMorgan Chase & Co. raised ICICI Bank from a “neutral” rating to an “overweight” rating in a research report on Monday, October 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ICICI Bank currently has a consensus rating of “Buy” and a consensus price target of $12.00.

Shares of ICICI Bank stock traded up $0.07 during trading hours on Monday, reaching $9.93. 4,316,384 shares of the stock traded hands, compared to its average volume of 7,931,257. ICICI Bank has a one year low of $7.61 and a one year high of $10.83. The company has a market cap of $31.75 billion, a P/E ratio of 31.03 and a beta of 1.01.

Several hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of ICICI Bank by 30.8% in the 4th quarter. FMR LLC now owns 24,113,697 shares of the bank’s stock worth $248,129,000 after buying an additional 5,672,032 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of ICICI Bank by 7.0% during the 4th quarter. Deprince Race & Zollo Inc. now owns 967,601 shares of the bank’s stock worth $9,957,000 after purchasing an additional 63,000 shares during the last quarter. Millennium Management LLC lifted its stake in shares of ICICI Bank by 163.2% during the 4th quarter. Millennium Management LLC now owns 254,583 shares of the bank’s stock worth $2,620,000 after purchasing an additional 157,850 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in shares of ICICI Bank by 61.2% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 330,730 shares of the bank’s stock worth $3,403,000 after purchasing an additional 125,550 shares during the last quarter. Finally, Nuveen Asset Management LLC purchased a new stake in shares of ICICI Bank during the 4th quarter worth $108,000. Institutional investors and hedge funds own 23.28% of the company’s stock.

About ICICI Bank

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

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