ICICI Bank (NYSE:IBN) Stock Passes Above 200 Day Moving Average – Time to Sell?

ICICI Bank Limited (NYSE:IBN)’s stock price 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 changing hands.

Wall Street Analyst Weigh In

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

ICICI Bank Trading Down 0.9%

The company’s 50-day moving average price is $28.74 and its 200 day moving average price is $28.29. The stock has a market cap of $108.36 billion, a PE ratio of 19.12, a price-to-earnings-growth ratio of 1.67 and a beta of 0.42. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Sunday, July 19th. The bank reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The firm had revenue of ($2,429.85) million for the quarter, compared to analyst estimates of $3.32 billion. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%. On average, sell-side analysts forecast that ICICI Bank Limited will post 1.65 EPS for the current fiscal year.

Institutional Trading of ICICI Bank

Several hedge funds have recently made changes to their positions in IBN. Larson Financial Group LLC grew its stake in ICICI Bank by 855.2% during the 4th quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock worth $25,000 after purchasing an additional 744 shares in the last quarter. Advisory Services Network LLC purchased a new stake in ICICI Bank during the third quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of ICICI Bank by 487.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in ICICI Bank in the fourth quarter valued at $39,000. Finally, Entrust Financial LLC acquired a new position in ICICI Bank in the 4th quarter valued at about $49,000. Institutional investors and hedge funds 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.