Commerzbank Aktiengesellschaft FI increased its holdings in shares of ICICI Bank (NYSE:IBN) by 8.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 819,379 shares of the bank’s stock after acquiring an additional 66,666 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in ICICI Bank were worth $7,252,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of IBN. SeaCrest Wealth Management LLC acquired a new stake in ICICI Bank during the 4th quarter worth $107,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in ICICI Bank during the 1st quarter worth $108,000. Lake Street Advisors Group LLC acquired a new stake in ICICI Bank during the 4th quarter worth $112,000. Fox Run Management L.L.C. acquired a new stake in ICICI Bank during the 4th quarter worth $120,000. Finally, Advisor Partners LLC acquired a new stake in ICICI Bank during the 4th quarter worth $162,000. 21.82% of the stock is currently owned by institutional investors and hedge funds.
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IBN has been the topic of several research analyst reports. ValuEngine downgraded ICICI Bank from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research raised ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Monday, January 8th. Finally, Morgan Stanley initiated coverage on ICICI Bank in a research note on Tuesday, January 16th. They set an “overweight” rating on the stock. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $11.00.
IBN opened at $8.47 on Friday. ICICI Bank has a 1 year low of $7.89 and a 1 year high of $11.26. The stock has a market capitalization of $26,780.94, a price-to-earnings ratio of 18.82, a PEG ratio of 0.74 and a beta of 1.88.
ICICI Bank Company Profile
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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