ICICI Bank (NYSE:IBN) Sets New 1-Year High at $12.77

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ICICI Bank Ltd (NYSE:IBN) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $12.77 and last traded at $12.72, with a volume of 6227779 shares changing hands. The stock had previously closed at $12.56.

Separately, ValuEngine lowered shares of ICICI Bank from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. ICICI Bank currently has a consensus rating of “Hold” and an average price target of $12.00.

The business’s fifty day moving average is $11.74 and its two-hundred day moving average is $11.73. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69. The stock has a market capitalization of $40.41 billion, a PE ratio of 84.80 and a beta of 0.80.

ICICI Bank (NYSE:IBN) last posted its earnings results on Monday, July 29th. The bank reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.10). ICICI Bank had a net margin of 6.69% and a return on equity of 4.40%. The business had revenue of $1.62 billion during the quarter. Sell-side analysts expect that ICICI Bank Ltd will post 0.6 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. lifted its position in ICICI Bank by 193.9% in the second quarter. Invesco Ltd. now owns 88,854,057 shares of the bank’s stock worth $1,118,673,000 after buying an additional 58,623,145 shares during the last quarter. Morgan Stanley lifted its position in shares of ICICI Bank by 28.0% during the second quarter. Morgan Stanley now owns 10,354,904 shares of the bank’s stock worth $130,368,000 after purchasing an additional 2,265,399 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ICICI Bank by 1,744.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,746,777 shares of the bank’s stock worth $110,122,000 after purchasing an additional 8,272,545 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of ICICI Bank by 81.9% during the second quarter. BNP Paribas Arbitrage SA now owns 7,024,131 shares of the bank’s stock worth $88,434,000 after purchasing an additional 3,163,539 shares during the last quarter. Finally, Somerset Capital Management LLP lifted its position in shares of ICICI Bank by 1.8% during the second quarter. Somerset Capital Management LLP now owns 6,633,406 shares of the bank’s stock worth $83,515,000 after purchasing an additional 117,900 shares during the last quarter. Institutional investors own 21.33% of the company’s stock.

About ICICI Bank (NYSE:IBN)

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

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