ICICI Bank (NYSE:IBN) Downgraded by ValuEngine to “Strong Sell”

ICICI Bank (NYSE:IBN) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued on Monday, February 4th.

IBN has been the topic of several other reports. Sanford C. Bernstein raised shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a report on Monday, February 4th. Zacks Investment Research lowered shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th. JPMorgan Chase & Co. raised shares of ICICI Bank from a “neutral” rating to an “overweight” rating in a report on Monday, October 15th. Finally, HSBC lowered shares of ICICI Bank from a “buy” rating to a “hold” rating in a report on Friday, November 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. ICICI Bank currently has a consensus rating of “Buy” and a consensus target price of $12.00.

IBN stock traded up $0.07 during mid-day trading on Monday, hitting $9.93. The stock had a trading volume of 4,316,384 shares, compared to its average volume of 7,931,257. ICICI Bank has a 52 week low of $7.61 and a 52 week high of $10.83. The firm has a market cap of $31.75 billion, a P/E ratio of 31.03 and a beta of 1.01.

Several institutional investors have recently made changes to their positions in IBN. Millennium Management LLC bought a new stake in shares of ICICI Bank during the 2nd quarter valued at approximately $3,740,000. Bank of New York Mellon Corp grew its holdings in shares of ICICI Bank by 49.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 747,827 shares of the bank’s stock valued at $6,004,000 after purchasing an additional 246,308 shares during the last quarter. FMR LLC grew its holdings in shares of ICICI Bank by 25.2% during the 2nd quarter. FMR LLC now owns 11,809,770 shares of the bank’s stock valued at $94,832,000 after purchasing an additional 2,378,440 shares during the last quarter. Northern Trust Corp grew its holdings in shares of ICICI Bank by 1.9% during the 2nd quarter. Northern Trust Corp now owns 4,362,754 shares of the bank’s stock valued at $35,033,000 after purchasing an additional 80,987 shares during the last quarter. Finally, Daiwa SB Investments Ltd. boosted its position in ICICI Bank by 38.1% during the 3rd quarter. Daiwa SB Investments Ltd. now owns 23,180 shares of the bank’s stock worth $197,000 after buying an additional 6,400 shares during the period. 23.28% of the stock is currently owned by institutional investors.

ICICI Bank Company Profile

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.

See Also: Exchange-Traded Funds (ETFs)

To view ValuEngine’s full report, visit ValuEngine’s official website.

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