ICICI Bank Ltd (NYSE:IBN) Short Interest Up 50.5% in August

ICICI Bank Ltd (NYSE:IBN) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 26,780,000 shares, an increase of 50.5% from the August 15th total of 17,790,000 shares. Based on an average trading volume of 7,590,000 shares, the days-to-cover ratio is currently 3.5 days.

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC raised its holdings in shares of ICICI Bank by 59.1% during the 2nd quarter. FMR LLC now owns 48,892,497 shares of the bank’s stock worth $454,212,000 after acquiring an additional 18,159,030 shares in the last quarter. Capital International Investors raised its holdings in shares of ICICI Bank by 31.4% during the 1st quarter. Capital International Investors now owns 28,040,070 shares of the bank’s stock worth $238,339,000 after acquiring an additional 6,705,384 shares in the last quarter. Morgan Stanley raised its holdings in shares of ICICI Bank by 372.0% during the 1st quarter. Morgan Stanley now owns 16,839,646 shares of the bank’s stock worth $143,137,000 after acquiring an additional 13,271,805 shares in the last quarter. Hardman Johnston Global Advisors LLC raised its holdings in shares of ICICI Bank by 0.6% during the 2nd quarter. Hardman Johnston Global Advisors LLC now owns 15,341,036 shares of the bank’s stock worth $142,518,000 after acquiring an additional 91,998 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of ICICI Bank by 26.0% during the 1st quarter. State Street Corp now owns 13,512,350 shares of the bank’s stock worth $114,855,000 after acquiring an additional 2,787,939 shares in the last quarter. 17.09% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on IBN. Goldman Sachs Group downgraded ICICI Bank from a “conviction-buy” rating to a “buy” rating in a research note on Wednesday, June 3rd. Zacks Investment Research downgraded ICICI Bank from a “hold” rating to a “sell” rating and set a $10.00 price objective for the company. in a research note on Friday, June 5th. Bank of America upgraded ICICI Bank from a “neutral” rating to a “buy” rating in a research note on Monday, July 27th. Finally, Sanford C. Bernstein upgraded ICICI Bank from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.00.

NYSE IBN traded up $0.05 during trading hours on Wednesday, reaching $10.22. The company’s stock had a trading volume of 7,794 shares, compared to its average volume of 8,764,746. The firm’s 50-day moving average price is $10.09 and its 200-day moving average price is $9.63. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.66. ICICI Bank has a 1 year low of $6.86 and a 1 year high of $15.42. The company has a market capitalization of $35.07 billion, a price-to-earnings ratio of 27.49 and a beta of 1.18.

ICICI Bank (NYSE:IBN) last posted its quarterly earnings results on Saturday, July 25th. The bank reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. The company had revenue of $2.04 billion for the quarter. ICICI Bank had a return on equity of 6.64% and a net margin of 8.98%. Equities research analysts anticipate that ICICI Bank will post 0.45 EPS for the current fiscal year.

About ICICI Bank

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, and other accounts; and fixed, recurring, and security deposits.

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