ICICI Bank (NYSE:IBN) Share Price Crosses Above 200 Day Moving Average – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $30.41 and traded as high as $34.05. ICICI Bank shares last traded at $33.99, with a volume of 5,408,165 shares trading hands.

Analyst Ratings Changes

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

ICICI Bank Trading Down 0.9%

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $121.12 billion, a price-to-earnings ratio of 22.51, a P/E/G ratio of 1.53 and a beta of 0.60. The firm’s 50-day moving average is $32.21 and its 200 day moving average is $30.41.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Saturday, April 19th. The bank reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $280.01 billion. ICICI Bank had a net margin of 24.40% and a return on equity of 15.61%. On average, equities analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of ICICI Bank

Institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC increased its position in shares of ICICI Bank by 1,253.4% during the first quarter. Cornerstone Planning Group LLC now owns 785 shares of the bank’s stock worth $26,000 after buying an additional 727 shares during the period. Wayfinding Financial LLC bought a new stake in ICICI Bank in the 1st quarter valued at about $26,000. Kestra Investment Management LLC bought a new position in ICICI Bank in the fourth quarter worth approximately $29,000. BOCHK Asset Management Ltd acquired a new stake in ICICI Bank in the fourth quarter valued at approximately $42,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of ICICI Bank by 53.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank’s stock valued at $48,000 after acquiring an additional 528 shares in the last quarter. 18.18% of the stock is currently owned by institutional investors.

About ICICI Bank

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.