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

Shares of ICICI Bank Limited (NYSE:IBN) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $29.75 and traded as high as $31.99. ICICI Bank shares last traded at $31.87, with a volume of 5,807,327 shares.

Analysts Set New Price Targets

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

ICICI Bank Stock Performance

The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $112.57 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 1.53 and a beta of 0.65. The firm’s 50-day moving average price is $29.68 and its two-hundred day moving average price is $29.75.

ICICI Bank (NYSE:IBN) last issued its earnings results on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. Sell-side analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IBN. GQG Partners LLC lifted its holdings in ICICI Bank by 7.7% during the 4th quarter. GQG Partners LLC now owns 64,185,627 shares of the bank’s stock valued at $1,916,583,000 after purchasing an additional 4,573,778 shares during the last quarter. Invesco Ltd. increased its holdings in shares of ICICI Bank by 5.7% during the fourth quarter. Invesco Ltd. now owns 20,216,947 shares of the bank’s stock worth $603,678,000 after buying an additional 1,087,816 shares in the last quarter. FIL Ltd raised its stake in shares of ICICI Bank by 18.8% in the fourth quarter. FIL Ltd now owns 19,442,017 shares of the bank’s stock valued at $580,539,000 after acquiring an additional 3,071,174 shares during the last quarter. JPMorgan Chase & Co. grew its position in ICICI Bank by 19.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,269,477 shares of the bank’s stock worth $545,344,000 after acquiring an additional 2,947,508 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in ICICI Bank by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,180,081 shares of the bank’s stock valued at $363,747,000 after purchasing an additional 304,866 shares in the last quarter. 18.18% of the stock is owned by institutional investors.

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.