ICICI Bank (IBN) Shares Gap Down to $11.54

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Shares of ICICI Bank Ltd (NYSE:IBN) gapped down before the market opened on Wednesday . The stock had previously closed at $11.69, but opened at $11.54. ICICI Bank shares last traded at $11.57, with a volume of 100663 shares changing hands.

IBN has been the subject of a number of recent analyst reports. ValuEngine upgraded ICICI Bank from a “hold” rating to a “buy” rating in a research report on Tuesday, March 19th. Goldman Sachs Group upgraded ICICI Bank from a “buy” rating to a “conviction-buy” rating in a research report on Monday, April 15th. Sanford C. Bernstein upgraded ICICI Bank from an “underperform” rating to a “market perform” rating in a research report on Monday, February 4th. Standpoint Research downgraded ICICI Bank from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Finally, Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $12.00.

The stock has a market cap of $39.58 billion, a price-to-earnings ratio of 38.81 and a beta of 0.96.

Several hedge funds have recently made changes to their positions in IBN. Hardman Johnston Global Advisors LLC lifted its position in shares of ICICI Bank by 254.1% during the 4th quarter. Hardman Johnston Global Advisors LLC now owns 14,529,478 shares of the bank’s stock worth $149,508,000 after buying an additional 10,426,347 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of ICICI Bank by 63.2% during the 1st quarter. Wellington Management Group LLP now owns 18,948,474 shares of the bank’s stock worth $217,150,000 after buying an additional 7,336,039 shares during the last quarter. LMR Partners LLP bought a new stake in shares of ICICI Bank during the 4th quarter worth $70,895,000. FMR LLC lifted its position in shares of ICICI Bank by 30.8% during the 4th quarter. FMR LLC now owns 24,113,697 shares of the bank’s stock worth $248,129,000 after buying an additional 5,672,032 shares during the last quarter. Finally, Castle Hook Partners LP bought a new stake in shares of ICICI Bank during the 4th quarter worth $42,941,000. Institutional investors and hedge funds own 23.16% of the company’s stock.

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ICICI Bank Company Profile (NYSE:IBN)

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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