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

ICICI Bank Limited (NYSE:IBN)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $29.69 and traded as high as $31.74. ICICI Bank shares last traded at $31.38, with a volume of 2,652,999 shares traded.

Analysts Set New Price Targets

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

ICICI Bank Stock Up 0.2 %

The firm has a 50 day moving average price of $28.97 and a 200-day moving average price of $29.70. 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 cap of $110.81 billion, a PE ratio of 20.78, a PEG ratio of 1.53 and a beta of 1.01.

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

Hedge Funds Weigh In On ICICI Bank

Several large investors have recently bought and sold shares of IBN. Wealth Enhancement Advisory Services LLC lifted its holdings in ICICI Bank by 14.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,628 shares of the bank’s stock worth $1,303,000 after buying an additional 5,405 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of ICICI Bank during the 4th quarter worth about $23,917,000. Employees Retirement System of Texas lifted its stake in ICICI Bank by 18.1% during the fourth quarter. Employees Retirement System of Texas now owns 326,901 shares of the bank’s stock worth $9,761,000 after purchasing an additional 50,012 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in ICICI Bank by 14.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 430,835 shares of the bank’s stock valued at $12,865,000 after purchasing an additional 55,236 shares in the last quarter. Finally, BIP Alliance LLC purchased a new position in ICICI Bank in the fourth quarter valued at approximately $282,000. Hedge funds and other institutional investors own 18.18% of the company’s stock.

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.