ICICI Bank (NYSE:IBN) Stock Crosses Above Two Hundred Day Moving Average – Time to Sell?

ICICI Bank Limited (NYSE:IBN) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.41 and traded as high as $29.40. ICICI Bank shares last traded at $29.36, with a volume of 4,638,201 shares changing hands.

Analysts Set New Price Targets

IBN has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Weiss Ratings lowered ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Zacks Research cut ICICI Bank from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

ICICI Bank Stock Performance

The stock’s fifty day simple moving average is $26.99 and its two-hundred day simple moving average is $28.41. The company has a market cap of $105.30 billion, a price-to-earnings ratio of 18.58, a price-to-earnings-growth ratio of 1.51 and a beta of 0.44. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.04.

Insider Buying and Selling at ICICI Bank

In other ICICI Bank news, Director Rakesh Jha sold 90,000 shares of the business’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $14.94, for a total transaction of $1,344,600.00. Following the completion of the sale, the director owned 140,750 shares of the company’s stock, valued at approximately $2,102,805. The trade was a 39.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sandeep Bakhshi sold 24,999 shares of the company’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $14.95, for a total value of $373,735.05. Following the sale, the chief executive officer owned 1,071,301 shares of the company’s stock, valued at $16,015,949.95. This represents a 2.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 159,999 shares of company stock worth $2,370,385 over the last ninety days.

Institutional Trading of ICICI Bank

A number of institutional investors have recently modified their holdings of the company. Signaturefd LLC grew its position in shares of ICICI Bank by 0.8% during the 4th quarter. Signaturefd LLC now owns 47,843 shares of the bank’s stock valued at $1,426,000 after buying an additional 393 shares during the last quarter. Aprio Wealth Management LLC lifted its holdings in ICICI Bank by 4.1% in the third quarter. Aprio Wealth Management LLC now owns 10,050 shares of the bank’s stock worth $304,000 after acquiring an additional 397 shares during the last quarter. Templeton & Phillips Capital Management LLC lifted its holdings in ICICI Bank by 0.7% in the fourth quarter. Templeton & Phillips Capital Management LLC now owns 66,817 shares of the bank’s stock worth $1,991,000 after acquiring an additional 450 shares during the last quarter. Cetera Investment Advisers boosted its stake in ICICI Bank by 0.4% in the fourth quarter. Cetera Investment Advisers now owns 114,558 shares of the bank’s stock valued at $3,414,000 after acquiring an additional 458 shares during the period. Finally, Cullen Frost Bankers Inc. boosted its stake in ICICI Bank by 40.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,709 shares of the bank’s stock valued at $51,000 after acquiring an additional 489 shares during the period. Hedge funds and other institutional investors own 18.18% of the company’s stock.

About ICICI Bank

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.