Stock analysts at Morgan Stanley assumed coverage on shares of ICICI Bank (NYSE:IBN) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “overweight” rating on the bank’s stock.

Several other research firms have also weighed in on IBN. Zacks Investment Research upgraded ICICI Bank from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Monday, January 8th. Jefferies Group upgraded ICICI Bank from a “hold” rating to a “buy” rating in a report on Monday, October 30th. Finally, ValuEngine lowered ICICI Bank from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $11.00.

ICICI Bank (NYSE:IBN) traded up $0.22 during trading hours on Tuesday, hitting $9.98. The stock had a trading volume of 4,508,600 shares, compared to its average volume of 5,623,800. ICICI Bank has a 1-year low of $6.82 and a 1-year high of $9.99. The company has a market cap of $31,970.55, a price-to-earnings ratio of 24.95, a P/E/G ratio of 1.01 and a beta of 1.74.

ICICI Bank (NYSE:IBN) last posted its quarterly earnings results on Friday, October 27th. The bank reported $0.10 earnings per share (EPS) for the quarter. ICICI Bank had a return on equity of 7.95% and a net margin of 11.74%. equities analysts predict that ICICI Bank will post 0.47 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. Eqis Capital Management Inc. lifted its holdings in ICICI Bank by 48.3% during the third quarter. Eqis Capital Management Inc. now owns 89,527 shares of the bank’s stock worth $766,000 after acquiring an additional 29,145 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in ICICI Bank by 874.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 951,270 shares of the bank’s stock worth $8,143,000 after acquiring an additional 853,680 shares in the last quarter. TT International bought a new position in ICICI Bank during the third quarter worth about $1,884,000. Capital Research Global Investors lifted its holdings in ICICI Bank by 10.3% during the second quarter. Capital Research Global Investors now owns 2,152,702 shares of the bank’s stock worth $19,310,000 after acquiring an additional 201,279 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of ICICI Bank by 11.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,669,227 shares of the bank’s stock valued at $39,942,000 after purchasing an additional 464,512 shares during the period. Hedge funds and other institutional investors own 21.96% of the company’s stock.

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ICICI Bank Company Profile

ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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