Fidelity Management & Research Co.. recently announced the acquisition of new stake in ICICI Bank Limited (NYSE:IBN). The institutional investor has increased its shareholding in the Financial company by 59.96% to 40.99 million shares with purchase of 15.36 million shares. This fresh investment now brings its stake to 1.27% valued currently at $384.86 million. In addition, Capital Research & Management Co.. raised its holdings by 0.33 million to 28.37 million shares. And Lazard Asset Management LLC has lifted its position by 13.17% or 2.26 million shares – to 19.41 million shares.
With over 5.62 million ICICI Bank Limited (IBN) shares trading Tuesday and a closing price of $10.88 on the day, the dollar volume was approximately $61.13 million. The shares have shown a positive weekly performance of 1.87% and its price on 09/01/20 gained nearly 1.30%. Currently, there are 3.23B common shares owned by the public and among those 3.22B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 46 analysts who have offered their price forecasts for IBN have a consensus price objective of $12.42. The analysts have set the share’s price value over the next 12 months at a high of $14.03 and a low of $11.09 should the stock experience a downside. Incidentally, analysts’ outlook for the ICICI Bank Limited stock is 2.00 for the next 12 months. The average price target is 18.81% above its last price level and an upside to the estimated low will see the stock gain 1.89% over that period. But an upside of 22.45% will see the stock hit the forecast high price target while mean target price for the stock is $12.32.
The top 3 mutual fund holders in ICICI Bank Limited are Fidelity Inv. Trust – Emerging Ma, Harding Loevner International Equ, and Invesco Oppenheimer Global Fund. Fidelity Inv. Trust – Emerging Ma owns 36.51 million shares of the company’s stock, all valued at over $342.8 million. The company bought an additional 5.47 million shares recently to bring their total holdings to about 1.13% of the shares outstanding. Harding Loevner International Equ sold -1.0 million shares to see its total holdings shrink to 17.68 million shares valued at over $166.04 million and representing 0.55% of the shares outstanding. Invesco Oppenheimer Global Fund sold -1.63 million shares to bring its total holdings to over 13.08 million shares at a value of $122.84 million. Invesco Oppenheimer Global Fund now owns shares totaling to 0.40% of the shares outstanding.
Shares of ICICI Bank Limited (NYSE: IBN) opened at $10.85, up $0.11 from a prior closing price of $10.74. However, the script later closed the day at $10.88, up 1.30%. The company’s stock has a 5-day price change of 1.87% and 11.25% over the past three months. IBN shares are trading -27.90% year to date (YTD), with the 12-month market performance up to 1.21% higher. It has a 12-month low price of $6.86 and touched a high of $15.42 over the same period. Currently, 5.62 million shares have been traded, compared to an average intraday trading volume of 7.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.29%, 10.56%, and -4.25% respectively.
Institutional ownership of ICICI Bank Limited (NYSE: IBN) shares accounts for 17.00% of the company’s 3.23B shares outstanding. Mutual fund holders own 10.12%, while other institutional holders and individual stakeholders account for 7.81% and — respectively.
It has a market capitalization of $35.27B and a beta (3y monthly) value of 1.18. The stock’s trailing 12-month PE ratio is 20.11, while the earnings-per-share (ttm) stands at $0.54. The company has a debt-to-equity ratio at 1.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.60% over the week and 1.88% over the month.
Analysts forecast that ICICI Bank Limited (IBN) will achieve an EPS of $0.12 for the current quarter, $0.12 for the next quarter and $0.69 for 2022. The lowest estimate earnings-per-share for the quarter is $0.12 while analysts give the company a high EPS estimate of $0.12. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 188.80%, and 41.18% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 46 brokerage firm advisors rate ICICI Bank Limited (IBN) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 42 Wall Street analysts polled rate the stock as a buy, while 0 of the 46 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IBN, a number of firms have released research notes about the stock. Bernstein stated their Outperform rating for the stock in a research note on July 14, 2020, with the firm’s price target at. Morgan Stanley coverage for the ICICI Bank Limited (IBN) stock in a research note released on January 16, 2018 offered a Overweight rating with a price target of. Jefferies was of a view on October 30, 2017 that the stock is Buy, while Macquarie gave the stock Outperform rating on March 20, 2017, issuing a price target of. Jefferies on their part issued Hold rating on March 06, 2017.