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

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 changing hands.

Analyst Ratings Changes

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

ICICI Bank Stock Up 0.7%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $110.70 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 1.46 and a beta of 0.40. The firm’s 50-day simple moving average is $30.40 and its 200 day simple moving average is $30.97.

ICICI Bank (NYSE:IBN) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $0.35 EPS for the quarter, missing analysts’ consensus estimates 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. As a group, equities research analysts forecast that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Hedge Funds Weigh In On ICICI Bank

Several hedge funds have recently bought and sold shares of the company. Virtu Financial LLC grew its holdings in ICICI Bank by 92.5% in the fourth quarter. Virtu Financial LLC now owns 54,705 shares of the bank’s stock valued at $1,630,000 after purchasing an additional 26,286 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of ICICI Bank by 7.9% in the 4th quarter. Corient Private Wealth LLC now owns 104,424 shares of the bank’s stock worth $3,109,000 after buying an additional 7,610 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in ICICI Bank by 3.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 26,139 shares of the bank’s stock valued at $779,000 after acquiring an additional 835 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in ICICI Bank during the fourth quarter worth about $610,000. Finally, Empowered Funds LLC purchased a new stake in shares of ICICI Bank in the fourth quarter valued at about $4,425,000. 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.