GQG Partners LLC 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 77.25% to 50.25 million shares with purchase of 21.9 million shares. This fresh investment now brings its stake to 1.44% valued currently at $1.11 billion. In addition, Morgan Stanley Investment Managem raised its holdings by 23.1 million to 23.1 million shares. And Capital Research & Management Co has lifted its position by 1.67% or 0.32 million shares – to 19.25 million shares.
With over 10.5 million ICICI Bank Limited (IBN) shares trading Monday and a closing price of $22.76 on the day, the dollar volume was approximately $238.98 million. The shares have shown a positive half year performance of 23.36% and its price on 11/21/22 gained nearly 0.13%. Currently, there are 3.48B common shares owned by the public and among those 3.39B 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: 43 analysts who have offered their price forecasts for IBN have a consensus price objective of $26.71. The analysts have set the share’s price value over the next 12 months at a high of $30.82 and a low of $24.19. The average price target is 21.79% above its recent price level and an upside to the estimated low will see the stock gain 5.91% over that period. But an upside of 26.15% will see the stock hit the forecast high price target while median target price for the stock is $26.61.
The top 3 mutual fund holders in ICICI Bank Limited are Goldman Sachs GQG Partners Intern, Morgan Stanley Invt. Fds. – Asia, and Harding Loevner International Equ. Goldman Sachs GQG Partners Intern owns 21.54 million shares of the company’s stock, all valued at over $474.78 million. The company bought an additional 8.97 million shares recently to bring their total holdings to about 0.62% of the shares outstanding. Morgan Stanley Invt. Fds. – Asia sold -2.04 million shares to see its total holdings shrink to 17.9 million shares valued at over $394.49 million and representing 0.51% of the shares outstanding. Harding Loevner International Equ sold -0.62 million shares to bring its total holdings to over 17.11 million shares at a value of $377.09 million. Harding Loevner International Equ now owns shares totaling to 0.49% of the shares outstanding.
Shares of ICICI Bank Limited (NYSE: IBN) opened at $22.74, up $0.01 from a prior closing price of $22.73. However, the script later moved the day high at 22.76, up 0.13%. The company’s stock has a 5-day price change of 1.38% and 4.93% over the past three months. IBN shares are trading 15.01% year to date (YTD), with the 12-month market performance up to 11.19% higher. It has a 12-month low price of $16.36 and touched a high of $23.49 over the same period. IBN has an average intraday trading volume of 8.24 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 0.76%, 3.02%, and 12.97% respectively.
Institutional ownership of ICICI Bank Limited (NYSE: IBN) shares accounts for 17.40% of the company’s 3.48B shares outstanding. Mutual fund holders own 7.21%, while other institutional holders and individual stakeholders account for 9.39% and — respectively.
It has a market capitalization of $78.80B and a beta (3y monthly) value of 1.00. The stock’s trailing 12-month PE ratio is 22.18, while the earnings-per-share (ttm) stands at $1.03. The company has a PEG of 1.06 and the debt-to-equity ratio at 0.93. Price movements for the stock have been influenced by the stock’s volatility, which stands at 0.88% over the week and 1.26% over the month.
Analysts forecast that ICICI Bank Limited (IBN) will achieve an EPS of $0.25 for the current quarter, $0.26 for the next quarter and $1.27 for 2024. The lowest estimate earnings-per-share for the quarter is $0.25 while analysts give the company a high EPS estimate of $0.25. Comparatively, EPS for the current quarter was $0.18 a year ago. Earnings per share for the fiscal year are expected to increase by 32.10%, and 19.30% over the next financial year. EPS should grow at an annualized rate of 20.90% over the next five years, compared to 17.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 43 brokerage firm advisors rate ICICI Bank Limited (IBN) as a “Strong Buy” at a consensus score of 1.30. Specifically, 42 Wall Street analysts polled rate the stock as a buy, while 0 of the 43 advise that investors “hold,” and 0 rated it as a “Sell.”
Jefferies on their part issued Hold rating on March 06, 2017.