MERIAN GLOBAL INVESTORS UK Ltd lessened its position in ICICI Bank Ltd (NYSE:IBN) by 70.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 42,400 shares of the bank’s stock after selling 103,200 shares during the quarter. MERIAN GLOBAL INVESTORS UK Ltd’s holdings in ICICI Bank were worth $436,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in ICICI Bank by 49.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 747,827 shares of the bank’s stock worth $6,004,000 after acquiring an additional 246,308 shares in the last quarter. FMR LLC raised its stake in ICICI Bank by 25.2% during the 2nd quarter. FMR LLC now owns 11,809,770 shares of the bank’s stock worth $94,832,000 after acquiring an additional 2,378,440 shares in the last quarter. Global Thematic Partners LLC raised its stake in ICICI Bank by 15.1% during the 3rd quarter. Global Thematic Partners LLC now owns 12,662,360 shares of the bank’s stock worth $107,503,000 after acquiring an additional 1,661,058 shares in the last quarter. Russell Investments Group Ltd. raised its stake in ICICI Bank by 9.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 7,318,535 shares of the bank’s stock worth $62,496,000 after acquiring an additional 609,012 shares in the last quarter. Finally, ARGA Investment Management LP raised its stake in ICICI Bank by 21.3% during the 3rd quarter. ARGA Investment Management LP now owns 16,616,460 shares of the bank’s stock worth $141,074,000 after acquiring an additional 2,918,359 shares in the last quarter. 23.28% of the stock is currently owned by institutional investors and hedge funds.
NYSE IBN opened at $9.82 on Friday. The firm has a market capitalization of $31.46 billion, a price-to-earnings ratio of 30.69 and a beta of 1.01. ICICI Bank Ltd has a one year low of $7.61 and a one year high of $10.83.
A number of research firms have commented on IBN. ValuEngine lowered shares of ICICI Bank from a “sell” rating to a “strong sell” rating in a research note on Friday, January 11th. Zacks Investment Research upgraded shares of ICICI Bank from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Friday, January 11th. Sanford C. Bernstein upgraded shares of ICICI Bank from an “underperform” rating to a “market perform” rating in a research note on Monday, February 4th. Finally, HSBC lowered shares of ICICI Bank from a “buy” rating to a “hold” rating in a research note on Friday, November 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. ICICI Bank has an average rating of “Buy” and a consensus target price of $12.00.
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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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