Macquarie Group Ltd. reduced its holdings in shares of ICICI Bank Ltd (NYSE:IBN) by 38.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,971,676 shares of the bank’s stock after selling 1,217,376 shares during the period. Macquarie Group Ltd. owned 0.06% of ICICI Bank worth $15,833,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of IBN. Baltimore Capital Management Inc. purchased a new position in ICICI Bank in the second quarter worth about $223,000. ANTIPODES PARTNERS Ltd purchased a new position in ICICI Bank in the second quarter worth about $137,000. Envestnet Asset Management Inc. raised its holdings in ICICI Bank by 2.2% in the second quarter. Envestnet Asset Management Inc. now owns 293,822 shares of the bank’s stock worth $2,360,000 after buying an additional 6,220 shares during the last quarter. Fiera Capital Corp raised its holdings in ICICI Bank by 28.5% in the second quarter. Fiera Capital Corp now owns 2,164,715 shares of the bank’s stock worth $17,383,000 after buying an additional 480,000 shares during the last quarter. Finally, Comerica Bank raised its holdings in ICICI Bank by 4.5% in the second quarter. Comerica Bank now owns 257,505 shares of the bank’s stock worth $2,026,000 after buying an additional 11,123 shares during the last quarter. 22.75% of the stock is owned by institutional investors.
Several research analysts have issued reports on IBN shares. Zacks Investment Research raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine cut shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Friday, June 15th. Finally, Goldman Sachs Group cut shares of ICICI Bank from a “conviction-buy” rating to a “buy” rating in a report on Thursday, June 21st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ICICI Bank presently has an average rating of “Buy” and an average price target of $11.00.
Shares of IBN stock traded up $0.14 during trading hours on Friday, reaching $8.43. The company had a trading volume of 16,456,289 shares, compared to its average volume of 7,459,021. ICICI Bank Ltd has a one year low of $7.61 and a one year high of $11.26. The firm has a market capitalization of $27.20 billion, a PE ratio of 26.34 and a beta of 1.91. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.97.
ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Friday, July 27th. The bank reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.37 billion. ICICI Bank had a return on equity of 3.93% and a net margin of 6.04%. Analysts anticipate that ICICI Bank Ltd will post 0.27 earnings per share for the current year.
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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