Goldman Sachs Group Downgrades ICICI Bank (IBN) to Buy

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Goldman Sachs Group cut shares of ICICI Bank (NYSE:IBN) from a conviction-buy rating to a buy rating in a report released on Thursday, June 21st.

Separately, ValuEngine downgraded ICICI Bank from a hold rating to a sell rating in a research note on Friday, June 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $11.00.

Shares of ICICI Bank opened at $8.03 on Thursday, according to Marketbeat. ICICI Bank has a 12 month low of $7.75 and a 12 month high of $11.26. The stock has a market cap of $25.24 billion, a price-to-earnings ratio of 25.09, a P/E/G ratio of 0.77 and a beta of 1.88.

ICICI Bank (NYSE:IBN) last announced its earnings results on Monday, May 7th. The bank reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.02). ICICI Bank had a return on equity of 6.42% and a net margin of 8.96%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.94 billion. sell-side analysts expect that ICICI Bank will post 0.5 EPS for the current year.

A number of large investors have recently made changes to their positions in the business. Comerica Bank raised its stake in ICICI Bank by 2.6% during the 1st quarter. Comerica Bank now owns 246,382 shares of the bank’s stock valued at $2,155,000 after purchasing an additional 6,132 shares during the period. Stifel Financial Corp raised its stake in ICICI Bank by 3.2% during the 1st quarter. Stifel Financial Corp now owns 270,772 shares of the bank’s stock valued at $2,404,000 after purchasing an additional 8,421 shares during the period. Suntrust Banks Inc. raised its stake in ICICI Bank by 45.8% during the 4th quarter. Suntrust Banks Inc. now owns 31,291 shares of the bank’s stock valued at $304,000 after purchasing an additional 9,834 shares during the period. Guggenheim Capital LLC increased its stake in shares of ICICI Bank by 4.5% in the fourth quarter. Guggenheim Capital LLC now owns 251,961 shares of the bank’s stock worth $2,451,000 after acquiring an additional 10,863 shares during the last quarter. Finally, First Republic Investment Management Inc. increased its stake in shares of ICICI Bank by 32.9% in the first quarter. First Republic Investment Management Inc. now owns 43,955 shares of the bank’s stock worth $389,000 after acquiring an additional 10,890 shares during the last quarter. 22.45% of the stock is currently owned by 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, other accounts; and fixed, recurring, and security deposits.

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