Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) Reaches New 12-Month High – Here’s Why

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) reached a new 52-week high on Tuesday . The company traded as high as $18.75 and last traded at $18.75, with a volume of 291 shares. The stock had previously closed at $18.30.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Industrial & Commercial Bank of China Ltd. from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Industrial & Commercial Bank of China Ltd. Stock Up 1.1%

The firm has a 50 day moving average price of $17.45 and a two-hundred day moving average price of $17.12. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $338.41 billion, a price-to-earnings ratio of 6.69 and a beta of 0.11.

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.04). The business had revenue of $32.05 billion during the quarter, compared to analyst estimates of $30.88 billion. Industrial & Commercial Bank of China Ltd. had a return on equity of 8.79% and a net margin of 24.78%. As a group, sell-side analysts expect that Industrial & Commercial Bank of China Ltd. will post 3.15 earnings per share for the current year.

About Industrial & Commercial Bank of China Ltd.

Industrial & Commercial Bank of China Ltd. (ICBC) is a state-owned commercial bank headquartered in Beijing. Founded in 1984, ICBC has grown into one of the world’s largest banking institutions by total assets, operating a diversified financial services business that serves corporate, institutional and retail clients. The bank provides deposit-taking and lending, trade and transaction banking, treasury and markets services, as well as a range of payment and settlement solutions.

ICBC’s product and service offerings span corporate banking, retail banking, and investment banking, including corporate loans, supply?chain and trade finance, cash management, credit and debit cards, mortgages and consumer finance, wealth-management products, custody and asset-management services.