ICICI Bank (NYSE:IBN) Reaches New 1-Year Low – Here’s What Happened

Shares of ICICI Bank Limited (NYSE:IBN) hit a new 52-week low on Monday . The stock traded as low as $27.32 and last traded at $27.39, with a volume of 1341626 shares traded. The stock had previously closed at $28.20.

Analysts Set New Price Targets

IBN has been the topic of a number of recent analyst reports. Weiss Ratings cut ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, February 18th. Wall Street Zen cut shares of ICICI Bank from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, ICICI Bank presently has an average rating of “Hold”.

ICICI Bank Trading Down 2.0%

The business’s fifty day moving average is $30.34 and its 200-day moving average is $30.80. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $98.87 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 1.34 and a beta of 0.38.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). The business had revenue of $8.53 billion during the quarter, compared to analyst estimates of $3.41 billion. ICICI Bank had a net margin of 24.57% and a return on equity of 14.17%. Analysts predict that ICICI Bank Limited will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in shares of ICICI Bank in the 2nd quarter valued at about $904,000. Personal CFO Solutions LLC raised its stake in ICICI Bank by 1.7% during the 2nd quarter. Personal CFO Solutions LLC now owns 29,464 shares of the bank’s stock worth $991,000 after buying an additional 502 shares during the period. EFG Asset Management Americas Corp. bought a new position in ICICI Bank in the second quarter worth approximately $1,574,000. Raiffeisen Bank International AG boosted its holdings in ICICI Bank by 164.0% in the second quarter. Raiffeisen Bank International AG now owns 61,876 shares of the bank’s stock worth $2,035,000 after acquiring an additional 38,437 shares in the last quarter. Finally, Integrated Quantitative Investments LLC grew its stake in ICICI Bank by 32.7% in the second quarter. Integrated Quantitative Investments LLC now owns 111,865 shares of the bank’s stock valued at $3,763,000 after acquiring an additional 27,565 shares during the period. Institutional investors and hedge funds own 18.18% of the company’s stock.

About ICICI Bank

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.