Brokerages Anticipate ICICI Bank Ltd (IBN) to Announce $0.05 Earnings Per Share

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Brokerages predict that ICICI Bank Ltd (NYSE:IBN) will post earnings of $0.05 per share for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have issued estimates for ICICI Bank’s earnings. ICICI Bank posted earnings of $0.10 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 50%. The business is expected to issue its next quarterly earnings report on Friday, October 26th.

According to Zacks, analysts expect that ICICI Bank will report full-year earnings of $0.27 per share for the current year, with EPS estimates ranging from $0.18 to $0.36. For the next fiscal year, analysts anticipate that the company will post earnings of $0.75 per share, with EPS estimates ranging from $0.73 to $0.76. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for ICICI Bank.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings results on Friday, July 27th. The bank reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.07). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.37 billion. ICICI Bank had a return on equity of 3.93% and a net margin of 6.04%.

Several equities research analysts recently weighed in on the company. Zacks Investment Research cut ICICI Bank from a “hold” rating to a “sell” rating in a research note on Monday, August 13th. ValuEngine raised ICICI Bank from a “sell” rating to a “hold” rating in a report on Monday, July 30th. Goldman Sachs Group downgraded ICICI Bank from a “conviction-buy” rating to a “buy” rating in a report on Thursday, June 21st. Finally, JPMorgan Chase & Co. raised ICICI Bank from a “neutral” rating to an “overweight” rating in a report on Monday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $11.00.

IBN stock traded up $0.25 during midday trading on Tuesday, hitting $8.76. The stock had a trading volume of 5,137,100 shares, compared to its average volume of 7,440,751. The stock has a market cap of $27.20 billion, a price-to-earnings ratio of 27.38 and a beta of 1.91. ICICI Bank has a 52-week low of $7.61 and a 52-week high of $11.26. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.97.

A number of institutional investors have recently added to or reduced their stakes in IBN. Schwab Charles Investment Management Inc. boosted its holdings in ICICI Bank by 18.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 605,438 shares of the bank’s stock worth $5,359,000 after acquiring an additional 92,440 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of ICICI Bank by 10.1% during the first quarter. BlackRock Inc. now owns 17,715,933 shares of the bank’s stock valued at $156,786,000 after purchasing an additional 1,631,295 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of ICICI Bank by 3.2% during the first 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 in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of ICICI Bank by 28.5% during the first quarter. Principal Financial Group Inc. now owns 767,416 shares of the bank’s stock valued at $6,792,000 after purchasing an additional 170,084 shares in the last quarter. Finally, BB&T Securities LLC bought a new position in shares of ICICI Bank during the first quarter valued at $114,000. 22.75% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for ICICI Bank (NYSE:IBN)

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