ICICI Bank (NYSE:IBN) Shares Pass Above 200-Day Moving Average – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $28.29 and traded as high as $29.67. ICICI Bank shares last traded at $29.6250, with a volume of 3,028,292 shares traded.

Analyst Ratings Changes

Several equities analysts have weighed in on IBN shares. Wall Street Zen upgraded ICICI Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Weiss Ratings downgraded ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Zacks Research raised shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Finally, Sanford C. Bernstein upgraded shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, ICICI Bank currently has a consensus rating of “Moderate Buy”.

ICICI Bank Trading Up 0.8%

The company has a 50-day moving average of $29.29 and a 200 day moving average of $28.29. 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 company has a market cap of $106.29 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Sunday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. The business had revenue of ($2,429.85) million for the quarter, compared to the consensus estimate of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. Analysts predict that ICICI Bank Limited will post 1.66 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley raised its position in ICICI Bank by 8.0% in the 4th quarter. Morgan Stanley now owns 53,772,858 shares of the bank’s stock worth $1,602,431,000 after purchasing an additional 3,974,437 shares during the period. Temasek Holdings Private Ltd raised its holdings in shares of ICICI Bank by 11.3% in the fourth quarter. Temasek Holdings Private Ltd now owns 29,195,789 shares of the bank’s stock worth $870,035,000 after buying an additional 2,964,312 shares during the period. Invesco Ltd. lifted its stake in shares of ICICI Bank by 4.1% during the 3rd quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock worth $707,602,000 after acquiring an additional 928,329 shares during the last quarter. Bank of America Corp DE boosted its holdings in ICICI Bank by 43.0% during the 1st quarter. Bank of America Corp DE now owns 12,932,141 shares of the bank’s stock valued at $334,942,000 after acquiring an additional 3,889,449 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in ICICI Bank by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,733,336 shares of the bank’s stock valued at $349,660,000 after acquiring an additional 135,945 shares during the period. Hedge funds and other institutional investors 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.