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

ICICI Bank Limited (NYSE:IBN) reached a new 52-week low on Tuesday . The company traded as low as $25.99 and last traded at $26.3080, with a volume of 1044487 shares. The stock had previously closed at $26.45.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IBN shares. Wall Street Zen lowered shares of ICICI Bank from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings downgraded shares of ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

ICICI Bank Stock Performance

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The company has a 50 day moving average of $29.40 and a 200 day moving average of $30.34. The firm has a market cap of $94.16 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.25 and a beta of 0.38.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). ICICI Bank had a net margin of 24.57% and a return on equity of 14.17%. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $3.41 billion. As a group, equities research analysts expect that ICICI Bank Limited will post 1.53 EPS for the current fiscal year.

Institutional Trading of ICICI Bank

A number of hedge funds have recently made changes to their positions in IBN. Larson Financial Group LLC increased its stake in shares of ICICI Bank by 855.2% in the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock worth $25,000 after buying an additional 744 shares during the last quarter. Advisory Services Network LLC bought a new position in ICICI Bank during the 3rd quarter valued at $25,000. Transamerica Financial Advisors LLC grew its holdings in ICICI Bank by 487.9% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock worth $39,000 after acquiring an additional 1,088 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in ICICI Bank during the 4th quarter worth $39,000. Finally, Cornerstone Planning Group LLC increased its position in shares of ICICI Bank by 97.6% in the 3rd quarter. Cornerstone Planning Group LLC now owns 1,332 shares of the bank’s stock worth $41,000 after purchasing an additional 658 shares during the last quarter. 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.