ICICI Bank (NYSE:IBN) Hits New 52-Week High – What’s Next?

ICICI Bank Limited (NYSE:IBN)’s stock price reached a new 52-week high during trading on Thursday. The stock traded as high as $32.06 and last traded at $32.4880, with a volume of 44,830 shares changing hands. The stock had previously closed at $31.26.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. 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 raised ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of ICICI Bank in a research note on Monday, October 19th. Wall Street Zen upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a report on Saturday, August 29th. Finally, The Goldman Sachs Group began coverage on shares of ICICI Bank in a research report on Friday, August 21st. They set a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

ICICI Bank Stock Up 3.1%

The company’s fifty day simple moving average is $28.94 and its 200-day simple moving average is $28.55. The firm has a market capitalization of $115.69 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 1.12 and a beta of 0.36. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 1.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. raised its stake in ICICI Bank by 19.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 25,330,924 shares of the bank’s stock valued at $697,867,000 after buying an additional 4,181,828 shares during the last quarter. Bank of America Corp DE boosted its holdings in ICICI Bank by 43.0% in the first quarter. Bank of America Corp DE now owns 12,932,141 shares of the bank’s stock worth $334,942,000 after acquiring an additional 3,889,449 shares in the last quarter. Brooklands Fund Management Ltd purchased a new stake in shares of ICICI Bank during the third quarter worth about $35,600,000. Nykredit A S purchased a new stake in shares of ICICI Bank during the second quarter worth about $24,012,000. Finally, Ninety One North America Inc. grew its stake in shares of ICICI Bank by 87.4% during the third quarter. Ninety One North America Inc. now owns 1,137,487 shares of the bank’s stock worth $31,338,000 after acquiring an additional 530,612 shares during the last quarter. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

ICICI Bank Company Profile

ICICI Bank Limited is an India-based private-sector bank that provides banking and financial services to individuals, businesses, institutions and government entities. Its offerings include savings and current accounts, deposits, residential and commercial loans, personal loans, credit cards, payments, wealth management, insurance and investment products.

The bank serves retail customers through digital channels and a network of branches and ATMs, while its corporate and institutional businesses provide working-capital finance, term loans, trade finance, cash management, foreign-exchange services and other banking solutions.