ICICI Bank Ltd (NYSE:IBN) Receives Consensus Rating of “Buy” from Analysts

ICICI Bank Ltd (NYSE:IBN) has been given an average rating of “Buy” by the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $12.00.

IBN has been the topic of several research reports. Standpoint Research downgraded shares of Companhia Siderurgica Nacional from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. Goldman Sachs Group set a GBX 4,300 ($56.19) price objective on shares of ASOS and gave the stock a “buy” rating in a research report on Monday, April 15th. Zacks Investment Research cut shares of Glu Mobile from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. Finally, ValuEngine raised shares of ZIX from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 4th.

A number of institutional investors and hedge funds have recently bought and sold shares of IBN. Exane Derivatives lifted its position in ICICI Bank by 89.3% during the second quarter. Exane Derivatives now owns 2,396 shares of the bank’s stock worth $30,000 after purchasing an additional 1,130 shares during the period. Cullen Frost Bankers Inc. bought a new stake in ICICI Bank during the first quarter worth about $32,000. Rehmann Capital Advisory Group lifted its position 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 period. Lindbrook Capital LLC lifted its position in ICICI Bank by 21.3% during the first quarter. Lindbrook Capital LLC now owns 5,469 shares of the bank’s stock worth $62,000 after purchasing an additional 962 shares during the period. Finally, Nuveen Asset Management LLC bought a new stake in ICICI Bank during the fourth quarter worth about $108,000. 22.68% of the stock is owned by institutional investors and hedge funds.

Shares of IBN stock traded down $0.07 on Friday, hitting $12.32. The company’s stock had a trading volume of 4,054,169 shares, compared to its average volume of 4,532,895. The business has a 50 day simple moving average of $12.22. ICICI Bank has a fifty-two week low of $7.61 and a fifty-two week high of $12.65. The company has a market cap of $39.64 billion, a P/E ratio of 82.13 and a beta of 0.80.

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.

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Analyst Recommendations for ICICI Bank (NYSE:IBN)

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