ICICI Bank (NYSE:IBN) Stock Passes Above 200-Day Moving Average – Here’s What Happened

ICICI Bank Limited (NYSE:IBN) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $30.97 and traded as high as $31.22. ICICI Bank shares last traded at $30.9450, with a volume of 3,130,007 shares traded.

Analyst Ratings Changes

Several equities analysts have weighed in on IBN shares. Weiss Ratings downgraded ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, February 18th. Wall Street Zen cut ICICI Bank from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

ICICI Bank Trading Up 0.7%

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 has a market capitalization of $110.70 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 1.46 and a beta of 0.40. The business has a 50 day simple moving average of $30.40 and a 200-day simple moving average of $30.97.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.03). ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%.The company had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $3.41 billion. On average, equities analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vise Technologies Inc. raised its stake in shares of ICICI Bank by 6.4% in the 3rd quarter. Vise Technologies Inc. now owns 189,246 shares of the bank’s stock valued at $5,721,000 after acquiring an additional 11,435 shares during the period. Invesco Ltd. raised its position in ICICI Bank by 4.1% in the third quarter. Invesco Ltd. now owns 23,407,285 shares of the bank’s stock valued at $707,602,000 after purchasing an additional 928,329 shares during the period. Capital World Investors lifted its stake in shares of ICICI Bank by 0.6% during the third quarter. Capital World Investors now owns 146,159 shares of the bank’s stock worth $4,430,000 after purchasing an additional 911 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of ICICI Bank by 5.0% in the second quarter. Thrivent Financial for Lutherans now owns 47,059 shares of the bank’s stock worth $1,592,000 after buying an additional 2,248 shares during the period. Finally, Rakuten Securities Inc. boosted its position in shares of ICICI Bank by 74.5% in the second quarter. Rakuten Securities Inc. now owns 2,650 shares of the bank’s stock worth $89,000 after buying an additional 1,131 shares during the period. 18.18% of the stock is owned by hedge funds and other institutional investors.

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.