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

ICICI Bank Limited (NYSE:IBN)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.14 and last traded at $33.54, with a volume of 7279987 shares changing hands. The stock had previously closed at $33.22.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th.

ICICI Bank Stock Performance

The stock has a market cap of $118.50 billion, a PE ratio of 22.04, a P/E/G ratio of 1.53 and a beta of 0.65. The company has a fifty day moving average price of $30.20 and a 200 day moving average price of $29.90. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.70.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Saturday, April 19th. The bank reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $280.01 billion. Analysts expect that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

Several institutional investors have recently added to or reduced their stakes in IBN. Kestra Investment Management LLC bought a new position in shares of ICICI Bank during the fourth quarter valued at about $29,000. BOCHK Asset Management Ltd bought a new position in ICICI Bank during the 4th quarter valued at approximately $42,000. Murphy & Mullick Capital Management Corp purchased a new stake in ICICI Bank in the 4th quarter worth approximately $76,000. Ameliora Wealth Management Ltd. bought a new stake in shares of ICICI Bank in the 4th quarter worth approximately $82,000. Finally, TD Waterhouse Canada Inc. increased its stake in shares of ICICI Bank by 47.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,754 shares of the bank’s stock valued at $82,000 after buying an additional 886 shares during the period. Hedge funds and other institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.