ICICI Bank (NYSE:IBN) Shares Gap Up to $13.28

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Shares of ICICI Bank Ltd (NYSE:IBN) gapped up before the market opened on Friday . The stock had previously closed at $13.00, but opened at $13.28. ICICI Bank shares last traded at $13.58, with a volume of 6,156,008 shares.

Separately, ValuEngine raised ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. ICICI Bank presently has a consensus rating of “Hold” and an average target price of $12.00.

The stock has a market cap of $43.73 billion, a PE ratio of 90.53 and a beta of 0.79. The company has a fifty day moving average price of $12.42 and a 200 day moving average price of $11.87. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.65.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exane Derivatives increased its holdings in shares of ICICI Bank by 89.3% in the second quarter. Exane Derivatives now owns 2,396 shares of the bank’s stock worth $30,000 after buying an additional 1,130 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of ICICI Bank in the second quarter worth about $35,000. Advisory Services Network LLC increased its holdings in shares of ICICI Bank by 637.2% in the second quarter. Advisory Services Network LLC now owns 2,757 shares of the bank’s stock worth $35,000 after buying an additional 2,383 shares during the period. Cutler Group LP purchased a new position in shares of ICICI Bank in the third quarter worth about $48,000. Finally, Parallel Advisors LLC increased its holdings in shares of ICICI Bank by 299.7% in the third quarter. Parallel Advisors LLC now owns 4,477 shares of the bank’s stock worth $55,000 after buying an additional 3,357 shares during the period. Hedge funds and other institutional investors own 21.30% of the company’s stock.

About ICICI Bank (NYSE:IBN)

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

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