ICICI Bank (IBN) Hits New 12-Month High at $12.36

Shares of ICICI Bank Ltd (NYSE:IBN) hit a new 52-week high during trading on Friday . The company traded as high as $12.36 and last traded at $12.35, with a volume of 1650342 shares trading hands. The stock had previously closed at $11.64.

A number of analysts recently commented on the company. Zacks Investment Research raised ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Tuesday, April 9th. ValuEngine lowered ICICI Bank from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Standpoint Research lowered ICICI Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Sanford C. Bernstein raised ICICI Bank from an “underperform” rating to a “market perform” rating in a report on Monday, February 4th. Finally, Goldman Sachs Group raised ICICI Bank from a “buy” rating to a “conviction-buy” rating in a report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $12.00.

The firm has a market capitalization of $39.58 billion, a P/E ratio of 38.73 and a beta of 0.96.

A number of institutional investors and hedge funds have recently modified their holdings of IBN. Lindbrook Capital LLC grew its holdings in shares of ICICI Bank by 21.3% in the first quarter. Lindbrook Capital LLC now owns 5,469 shares of the bank’s stock valued at $62,000 after acquiring an additional 962 shares in the last quarter. Advisor Group Inc. grew its position in ICICI Bank by 2.2% in the 1st quarter. Advisor Group Inc. now owns 49,193 shares of the bank’s stock worth $563,000 after purchasing an additional 1,074 shares during the period. Rehmann Capital Advisory Group boosted its stake in shares of ICICI Bank by 28.3% during the 4th quarter. Rehmann Capital Advisory Group now owns 6,069 shares of the bank’s stock worth $62,000 after acquiring an additional 1,339 shares during the last quarter. Brinker Capital Inc. boosted its stake in shares of ICICI Bank by 13.1% during the 1st quarter. Brinker Capital Inc. now owns 15,512 shares of the bank’s stock worth $178,000 after acquiring an additional 1,800 shares during the last quarter. Finally, BB&T Securities LLC boosted its stake in shares of ICICI Bank by 13.7% during the 4th quarter. BB&T Securities LLC now owns 16,223 shares of the bank’s stock worth $166,000 after acquiring an additional 1,950 shares during the last quarter. 23.16% of the stock is owned by hedge funds and other institutional investors.

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About ICICI Bank (NYSE:IBN)

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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