ICICI Bank (NYSE:IBN) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

ICICI Bank Limited (NYSE:IBN) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.29 and traded as high as $30.30. ICICI Bank shares last traded at $30.2070, with a volume of 5,506,090 shares trading hands.

Analysts Set New Price Targets

IBN has been the subject of a number of research reports. Sanford C. Bernstein upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Weiss Ratings cut shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Zacks Research raised shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

ICICI Bank Stock Down 0.9%

The company has a debt-to-equity ratio of 0.57, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $108.36 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 1.65 and a beta of 0.42. The firm has a 50 day simple moving average of $28.74 and a two-hundred day simple moving average of $28.29.

ICICI Bank (NYSE:IBN) last posted its earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. The company had revenue of ($2,429.85) million during the quarter, compared to analyst estimates of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. As a group, sell-side analysts expect that ICICI Bank Limited will post 1.65 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. E. Ohman J or Asset Management AB lifted its position in ICICI Bank by 7.0% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 1,343,744 shares of the bank’s stock worth $39,009,000 after buying an additional 87,595 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in shares of ICICI Bank in the second quarter valued at about $283,000. Confluence Investment Management LLC raised its holdings in ICICI Bank by 11.2% during the second quarter. Confluence Investment Management LLC now owns 12,186 shares of the bank’s stock worth $354,000 after acquiring an additional 1,229 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of ICICI Bank by 6.5% in the 1st quarter. NewEdge Advisors LLC now owns 22,711 shares of the bank’s stock valued at $588,000 after acquiring an additional 1,393 shares during the period. Finally, Liontrust Investment Partners LLP lifted its stake in ICICI Bank by 12.7% in the 1st quarter. Liontrust Investment Partners LLP now owns 319,452 shares of the bank’s stock valued at $8,274,000 after purchasing an additional 36,007 shares during the last quarter. Institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

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.