GQG Partners LLC recently announced the acquisition of new stake in ICICI Bank Ltd. ADR (NYSE:IBN). The institutional investor has increased its shareholding in the Financial company by 9.71% to 70.2 million shares with purchase of 6.21 million shares. This fresh investment now brings its stake to 2.00% valued currently at $1.56 billion. In addition, Temasek Holdings Pte Ltd. raised its holdings by 3.03 million to 28.25 million shares. And Capital Research & Management Co has lifted its position by 0.43% or 85580.0 shares – to 20.19 million shares.
With over 6.31 million ICICI Bank Ltd. ADR (IBN) shares trading Monday and a closing price of $22.25 on the day, the dollar volume was approximately $140.34 million. The shares have shown a negative half year performance of -2.92% and its price on 11/20/23 gained nearly 0.27%. Currently, there are 3.50B common shares owned by the public and among those 3.50B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 41 analysts who have offered their price forecasts for IBN have a consensus price objective of $28.67. The analysts have set the share’s price value over the next 12 months at a high of $33.06 and a low of $25.12. The average price target is 22.39% above its recent price level and an upside to the estimated low will see the stock gain 11.43% over that period. But an upside of 32.7% will see the stock hit the forecast high price target while median target price for the stock is $28.61.
The top 3 mutual fund holders in ICICI Bank Ltd. ADR are Goldman Sachs GQG Partners Intern, WCM Focused International Growth, and Morgan Stanley Invt. Fds. – Asia. Goldman Sachs GQG Partners Intern owns 28.9 million shares of the company’s stock, all valued at over $641.19 million. The company bought an additional 1.05 million shares recently to bring their total holdings to about 0.83% of the shares outstanding. WCM Focused International Growth sold -0.46 million shares to see its total holdings shrink to 19.9 million shares valued at over $441.63 million and representing 0.57% of the shares outstanding. Morgan Stanley Invt. Fds. – Asia sold -5.03 million shares to bring its total holdings to over 12.86 million shares at a value of $285.45 million. Morgan Stanley Invt. Fds. – Asia now owns shares totaling to 0.37% of the shares outstanding.
However, the script later moved the day high at 22.29, up 0.27%. The company’s stock has a 5-day price change of -0.63% and -2.84% over the past three months. IBN shares are trading 1.64% year to date (YTD), with the 12-month market performance down to -2.20% lower. It has a 12-month low price of $19.34 and touched a high of $24.80 over the same period. IBN has an average intraday trading volume of 4.32 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 -0.89%, -2.47%, and -1.14% respectively.
Institutional ownership of ICICI Bank Ltd. ADR (NYSE: IBN) shares accounts for 18.64% of the company’s 3.50B shares outstanding. Mutual fund holders own 10.93%, while other institutional holders and individual stakeholders account for 8.17% and — respectively.
It has a market capitalization of $77.98B and a beta (3y monthly) value of 0.93. The stock’s trailing 12-month PE ratio is 16.25, while the earnings-per-share (ttm) stands at $1.37. The company has a PEG of 0.76 and the debt-to-equity ratio at 0.82. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.15% over the week and 1.08% over the month.
Analysts forecast that ICICI Bank Ltd. ADR (IBN) will achieve an EPS of $0.31 for the current quarter, $0.33 for the next quarter and $1.41 for 2025. The lowest estimate earnings-per-share for the quarter is $0.31 while analysts give the company a high EPS estimate of $0.31. Comparatively, EPS for the current quarter was $0.28 a year ago. Earnings per share for the fiscal year are expected to increase by 18.16%, and 9.32% over the next financial year. EPS should shrink at an annualized rate of 21.30% over the next five years, compared to 45.49% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 41 brokerage firm advisors rate ICICI Bank Ltd. ADR (IBN) as a “Strong Buy” at a consensus score of 1.12. Specifically, 38 Wall Street analysts polled rate the stock as a buy, while 2 of the 41 advise that investors “hold,” and 0 rated it as a “Sell.”
