ICICI Bank (NYSE:IBN) Shares Pass 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 Monday . The stock has a 200-day moving average of $30.28 and traded as high as $33.86. ICICI Bank shares last traded at $33.57, with a volume of 12,566,916 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th.

ICICI Bank Price Performance

The company has a market capitalization of $119.58 billion, a P/E ratio of 22.23, a P/E/G ratio of 1.53 and a beta of 0.60. The firm’s fifty day moving average is $31.56 and its 200 day moving average is $30.28. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Saturday, April 19th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $280.01 billion. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. As a group, analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBN. AGF Management Ltd. grew its position in ICICI Bank by 31.7% during the 1st quarter. AGF Management Ltd. now owns 2,188,965 shares of the bank’s stock worth $68,996,000 after purchasing an additional 527,107 shares during the period. AIA Group Ltd grew its position in shares of ICICI Bank by 32.3% during the 1st quarter. AIA Group Ltd now owns 164,421 shares of the bank’s stock valued at $5,183,000 after acquiring an additional 40,163 shares during the period. Dalton Investments Inc. lifted its stake in ICICI Bank by 4.4% in the 1st quarter. Dalton Investments Inc. now owns 1,176,842 shares of the bank’s stock valued at $37,094,000 after buying an additional 50,100 shares in the last quarter. Nuveen LLC purchased a new position in ICICI Bank in the 1st quarter valued at about $1,666,000. Finally, Lockheed Martin Investment Management Co. lifted its stake in ICICI Bank by 338.9% in the 1st quarter. Lockheed Martin Investment Management Co. now owns 118,500 shares of the bank’s stock valued at $3,735,000 after buying an additional 91,500 shares in the last quarter. Hedge funds and other institutional investors own 18.18% of the company’s stock.

About ICICI Bank

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.