ICICI Bank (NYSE:IBN) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of ICICI Bank Limited (NYSE:IBN) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $28.29 and traded as high as $29.67. ICICI Bank shares last traded at $29.6250, with a volume of 3,028,292 shares trading hands.

Wall Street Analysts Forecast Growth

IBN has been the subject of several research analyst reports. Sanford C. Bernstein upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded ICICI Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Zacks Research upgraded ICICI Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings cut ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, ICICI Bank has a consensus rating of “Moderate Buy”.

ICICI Bank Stock Performance

The firm has a fifty day moving average of $29.34 and a 200-day moving average of $28.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm has a market cap of $106.41 billion, a P/E ratio of 18.77, a PEG ratio of 1.62 and a beta of 0.42.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings data on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. The firm had revenue of ($2,429.85) million during the quarter, compared to analysts’ expectations of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. Research analysts predict that ICICI Bank Limited will post 1.66 earnings per share for the current fiscal year.

Institutional Trading of ICICI Bank

A number of institutional investors have recently bought and sold shares of IBN. Larson Financial Group LLC boosted its position in shares of ICICI Bank by 855.2% in the 4th quarter. Larson Financial Group LLC now owns 831 shares of the bank’s stock worth $25,000 after purchasing an additional 744 shares during the last quarter. Advisory Services Network LLC acquired a new position in ICICI Bank in the third quarter valued at about $25,000. Transamerica Financial Advisors LLC boosted its holdings in ICICI Bank by 487.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,311 shares of the bank’s stock worth $39,000 after buying an additional 1,088 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in shares of ICICI Bank during the 4th quarter worth about $39,000. Finally, Entrust Financial LLC bought a new stake in shares of ICICI Bank in the 4th quarter valued at about $49,000. Institutional investors and hedge funds 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.