ICICI Bank (NYSE:IBN) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of ICICI Bank (NYSE:IBN – Get Rating) in a research note published on Thursday. The brokerage issued a hold rating on the bank’s stock.

ICICI Bank Stock Performance

IBN opened at $20.10 on Thursday. ICICI Bank has a 12-month low of $17.07 and a 12-month high of $23.75. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $70.16 billion, a PE ratio of 18.61, a P/E/G ratio of 0.89 and a beta of 0.93. The firm has a 50 day moving average of $20.82 and a two-hundred day moving average of $21.73.

ICICI Bank (NYSE:IBN – Get Rating) last posted its quarterly earnings results on Saturday, January 21st. The bank reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. ICICI Bank had a net margin of 22.23% and a return on equity of 15.14%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $2.58 billion. On average, analysts anticipate that ICICI Bank will post 1.09 EPS for the current year.

Hedge Funds Weigh In On ICICI Bank

A number of institutional investors have recently bought and sold shares of IBN. Allworth Financial LP purchased a new position in ICICI Bank during the 3rd quarter worth approximately $28,000. Beaird Harris Wealth Management LLC purchased a new position in shares of ICICI Bank during the 2nd quarter valued at approximately $34,000. FinTrust Capital Advisors LLC increased its holdings in shares of ICICI Bank by 66.9% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,709 shares of the bank’s stock valued at $37,000 after purchasing an additional 685 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of ICICI Bank during the 4th quarter valued at approximately $39,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of ICICI Bank by 114.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 2,060 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,098 shares in the last quarter. 15.94% of the stock is owned by hedge funds and other institutional investors.

ICICI Bank Company Profile

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ICICI Bank Ltd. engages in the provision of banking and financial services, which includes retail banking, corporate banking, and treasury operations. It operates through the following segments: Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others.