Cullen Frost Bankers Inc. Takes $32,000 Position in ICICI Bank Ltd (IBN)

Cullen Frost Bankers Inc. purchased a new position in shares of ICICI Bank Ltd (NYSE:IBN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,707 shares of the bank’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lindbrook Capital LLC purchased a new stake in ICICI Bank during the fourth quarter worth $46,000. Rehmann Capital Advisory Group boosted 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 buying an additional 1,339 shares in the last quarter. Navellier & Associates Inc boosted 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 buying an additional 2,317 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in ICICI Bank during the fourth quarter worth $108,000. Finally, Private Advisor Group LLC purchased a new stake in ICICI Bank during the fourth quarter worth $114,000. 23.16% of the stock is currently owned by hedge funds and other institutional investors.

IBN opened at $10.89 on Friday. ICICI Bank Ltd has a 52-week low of $7.61 and a 52-week high of $11.72.

IBN has been the topic of a number of recent analyst reports. ValuEngine raised shares of ICICI Bank from a “hold” rating to a “buy” rating in a report on Tuesday, March 19th. Zacks Investment Research raised shares of ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Tuesday, April 9th. Goldman Sachs Group raised shares of ICICI Bank from a “buy” rating to a “conviction-buy” rating in a report on Monday, April 15th. Standpoint Research downgraded shares of ICICI Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Finally, Sanford C. Bernstein raised shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a report on Monday, February 4th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. ICICI Bank presently has an average rating of “Buy” and an average price target of $12.00.

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

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