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

ICICI Bank Limited (NYSE:IBN) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $31.04 and traded as high as $31.16. ICICI Bank shares last traded at $30.95, with a volume of 2,932,647 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen cut ICICI Bank from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings upgraded ICICI Bank from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

ICICI Bank Trading Up 1.1%

The company has a market cap of $110.70 billion, a P/E ratio of 19.59, a PEG ratio of 1.45 and a beta of 0.40. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average is $30.31 and its 200-day moving average is $31.04.

ICICI Bank (NYSE:IBN) last issued its 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 firm 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%. Research analysts anticipate that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of ICICI Bank

A number of institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC lifted its position in 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 purchasing an additional 744 shares during the period. Advisory Services Network LLC purchased a new stake in ICICI Bank during the 3rd quarter valued at $25,000. Cullen Frost Bankers Inc. bought a new position in shares of ICICI Bank during the 2nd quarter valued at $36,000. NewSquare Capital LLC boosted its stake in shares of ICICI Bank by 118.5% in the 2nd quarter. NewSquare Capital LLC now owns 1,250 shares of the bank’s stock worth $42,000 after buying an additional 678 shares during the last quarter. Finally, Transamerica Financial Advisors LLC grew its holdings in shares of ICICI Bank by 487.9% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock worth $39,000 after acquiring an additional 1,088 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 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.