ICICI Bank Ltd. (IBN) Sees Strong Trading Volume
ICICI Bank Ltd. (NYSE:IBN) shares saw an uptick in trading volume on Thursday . 8,735,905 shares were traded during mid-day trading, a decline of 4% from the previous session’s volume of 9,080,982 shares.The stock last traded at $7.48 and had previously closed at $7.29.
Several research firms have weighed in on IBN. JPMorgan Chase & Co. downgraded ICICI Bank from an “overweight” rating to a “neutral” rating in a research report on Thursday, June 16th. Goldman Sachs Group Inc. cut ICICI Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. ICICI Bank presently has a consensus rating of “Hold” and a consensus target price of $12.00.
The company has a market capitalization of $21.78 billion and a price-to-earnings ratio of 14.40. The stock’s 50-day moving average is $7.54 and its 200 day moving average is $6.94.
An institutional investor recently raised its position in ICICI Bank stock. BNP Paribas Arbitrage SA raised its stake in ICICI Bank Ltd. (NYSE:IBN) by 32.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,125,809 shares of the company’s stock after buying an additional 525,340 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.07% of ICICI Bank worth $16,645,000 at the end of the most recent reporting period.
ICICI Bank Limited is a banking company. The Bank is a financial services group providing a range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
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