ICICI Bank (NYSE:IBN) Hits New 12-Month High – Here’s Why

Shares of ICICI Bank Limited (NYSE:IBN) hit a new 52-week high during trading on Thursday. The company traded as high as $35.00 and last traded at $34.5720, with a volume of 707,271 shares. The stock had previously closed at $34.74.

Wall Street Analysts Forecast Growth

IBN has been the subject of several research analyst reports. Sanford C. Bernstein raised shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. The Goldman Sachs Group started coverage on shares of ICICI Bank in a research report on Friday, August 21st. They set a “buy” rating on the stock. Wall Street Zen raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a research note on Saturday, August 29th. Zacks Research raised shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ICICI Bank in a research report on Monday, October 19th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

ICICI Bank Price Performance

The firm’s fifty day simple moving average is $29.34 and its 200-day simple moving average is $28.66. The firm has a market capitalization of $124.21 billion, a PE ratio of 20.54, a PEG ratio of 1.29 and a beta of 0.36. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.72.

Hedge Funds Weigh In On ICICI Bank

A number of institutional investors and hedge funds have recently modified their holdings of IBN. Sompo Asset Management Co. Ltd. increased its position in shares of ICICI Bank by 2.1% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 19,580 shares of the bank’s stock valued at $539,000 after purchasing an additional 400 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of ICICI Bank by 2.7% in the 3rd quarter. GAMMA Investing LLC now owns 17,148 shares of the bank’s stock worth $472,000 after purchasing an additional 446 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of ICICI Bank by 37.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,779 shares of the bank’s stock worth $49,000 after buying an additional 488 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of ICICI Bank by 3.1% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 18,670 shares of the bank’s stock worth $484,000 after buying an additional 568 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of ICICI Bank by 3.7% in the third quarter. IFP Advisors Inc now owns 16,672 shares of the bank’s stock worth $459,000 after buying an additional 600 shares during the last quarter. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

About ICICI Bank

ICICI Bank is an India-based banking and financial services company headquartered in Mumbai. It serves individuals, businesses, and institutions through a broad range of services, including savings and current accounts, loans, credit cards, payments, investment products, and corporate banking. The bank operates primarily in India and also serves customers internationally through overseas branches, subsidiaries, and other offices. Its offerings include retail and commercial banking, wholesale banking, treasury services, and digital banking through online and mobile platforms.