ICICI Bank (NYSE:IBN) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

ICICI Bank Limited (NYSE:IBN)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $30.87 and traded as high as $33.13. ICICI Bank shares last traded at $33.05, with a volume of 3,120,073 shares.

Wall Street Analyst Weigh In

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

ICICI Bank Price Performance

The firm has a market cap of $117.83 billion, a PE ratio of 21.88, a price-to-earnings-growth ratio of 1.53 and a beta of 0.62. The stock has a 50 day simple moving average of $33.30 and a two-hundred day simple moving average of $30.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01.

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

Hedge Funds Weigh In On ICICI Bank

Several institutional investors have recently made changes to their positions in the company. Wayfinding Financial LLC acquired a new stake in ICICI Bank during the first quarter valued at $26,000. Cornerstone Planning Group LLC grew its position in shares of ICICI Bank by 1,253.4% during the 1st quarter. Cornerstone Planning Group LLC now owns 785 shares of the bank’s stock valued at $26,000 after acquiring an additional 727 shares during the period. Kestra Investment Management LLC purchased a new position in shares of ICICI Bank in the 4th quarter valued at about $29,000. Northwestern Mutual Wealth Management Co. raised its holdings in ICICI Bank by 53.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank’s stock worth $48,000 after purchasing an additional 528 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in ICICI Bank during the first quarter worth approximately $53,000. 18.18% of the stock is owned by hedge funds and other 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.