ICICI Bank (NYSE:IBN) Reaches New 1-Year Low – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $26.51 and last traded at $26.5230, with a volume of 6500894 shares traded. The stock had previously closed at $27.42.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of ICICI Bank from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings cut ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, February 18th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

ICICI Bank Trading Down 3.3%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50-day moving average of $29.97 and a two-hundred day moving average of $30.56. The company has a market cap of $94.92 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38.

ICICI Bank (NYSE:IBN) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). The company had revenue of $8.53 billion during the quarter, compared to analysts’ expectations of $3.41 billion. ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%. On average, equities research analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Institutional Trading of ICICI Bank

Several institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its position in shares of ICICI Bank by 855.2% during the fourth quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock valued at $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 about $25,000. Transamerica Financial Advisors LLC boosted its holdings in shares of ICICI Bank by 487.9% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. bought a new stake in shares of ICICI Bank in the fourth quarter worth approximately $39,000. Finally, Cornerstone Planning Group LLC grew its stake in shares of ICICI Bank by 97.6% in the third quarter. Cornerstone Planning Group LLC now owns 1,332 shares of the bank’s stock worth $41,000 after acquiring an additional 658 shares during the period. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

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.