ICICI Bank (IBN) Lowered to Hold at Standpoint Research

ICICI Bank (NYSE:IBN) was downgraded by research analysts at Standpoint Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, March 29th, The Fly reports.

Several other research analysts also recently weighed in on IBN. ValuEngine upgraded ICICI Bank from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 2nd. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating and set a $12.00 target price on the stock in a research note on Friday, January 11th. Finally, Sanford C. Bernstein upgraded ICICI Bank from an “underperform” rating to a “market perform” rating in a research note on Monday, February 4th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $12.00.

NYSE:IBN traded up $0.02 during mid-day trading on Friday, reaching $11.27. 4,380,478 shares of the stock were exchanged, compared to its average volume of 7,696,787. ICICI Bank has a 1 year low of $7.61 and a 1 year high of $11.59. The company has a market capitalization of $35.85 billion, a PE ratio of 35.22 and a beta of 0.98.

Hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC acquired a new position in ICICI Bank during the fourth quarter worth $46,000. Rehmann Capital Advisory Group raised its holdings in ICICI Bank by 28.3% during the fourth quarter. Rehmann Capital Advisory Group now owns 6,069 shares of the bank’s stock worth $62,000 after purchasing an additional 1,339 shares during the last quarter. Navellier & Associates Inc raised its holdings in ICICI Bank by 53.5% during the fourth quarter. Navellier & Associates Inc now owns 6,649 shares of the bank’s stock worth $68,000 after purchasing an additional 2,317 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in ICICI Bank during the fourth quarter worth $108,000. Finally, Private Advisor Group LLC acquired a new position in ICICI Bank during the fourth quarter worth $114,000. 23.16% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for ICICI Bank (NYSE:IBN)

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