ICICI Bank (NYSE:IBN) Reaches New 1-Year High – Here’s What Happened

Shares of ICICI Bank Limited (NYSE:IBN) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.14 and last traded at $33.54, with a volume of 7279987 shares changing hands. The stock had previously closed at $33.22.

Analyst Upgrades and Downgrades

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

ICICI Bank Stock Performance

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 stock has a market capitalization of $119.43 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 1.53 and a beta of 0.65. The stock’s 50 day moving average is $30.02 and its 200 day moving average is $29.85.

ICICI Bank (NYSE:IBN) last announced its earnings results on Saturday, January 25th. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. On average, analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Hedge Funds Weigh In On ICICI Bank

Several large investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC acquired a new stake in shares of ICICI Bank in the fourth quarter worth approximately $29,000. BOCHK Asset Management Ltd purchased a new position in shares of ICICI Bank in the 4th quarter worth $42,000. Murphy & Mullick Capital Management Corp purchased a new stake in ICICI Bank during the fourth quarter valued at about $76,000. Ameliora Wealth Management Ltd. purchased a new position in shares of ICICI Bank in the 4th quarter worth about $82,000. Finally, TD Waterhouse Canada Inc. grew its holdings in shares of ICICI Bank by 47.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,754 shares of the bank’s stock worth $82,000 after purchasing an additional 886 shares during the period. 18.18% of the stock is currently 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.