ICICI Bank (NYSE:IBN) Hits New 12-Month High at $29.68

ICICI Bank Limited (NYSE:IBN) shares hit a new 52-week high on Tuesday . The company traded as high as $29.68 and last traded at $29.66, with a volume of 221175 shares changing hands. The stock had previously closed at $29.31.

Analyst Upgrades and Downgrades

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

ICICI Bank Trading Up 0.4 %

The firm has a market capitalization of $104.20 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 2.36 and a beta of 1.04. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50-day moving average price of $28.73 and a 200-day moving average price of $27.26.

ICICI Bank (NYSE:IBN) last posted its earnings results on Saturday, July 27th. The bank reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.03. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.05 billion. ICICI Bank had a return on equity of 16.17% and a net margin of 24.44%. As a group, research analysts forecast that ICICI Bank Limited will post 1.51 EPS for the current fiscal year.

ICICI Bank Increases Dividend

The business also recently announced an annual dividend, which was paid on Monday, August 12th. Stockholders of record on Friday, January 1st were issued a $0.2028 dividend. This is a boost from ICICI Bank’s previous annual dividend of $0.11. The ex-dividend date of this dividend was Monday, August 12th. This represents a dividend yield of 0.4%. ICICI Bank’s dividend payout ratio is presently 14.39%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Capital International Investors grew its stake in ICICI Bank by 11.5% during the 1st quarter. Capital International Investors now owns 20,827,332 shares of the bank’s stock worth $550,050,000 after buying an additional 2,155,477 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of ICICI Bank by 3.7% during the second quarter. Dimensional Fund Advisors LP now owns 12,253,715 shares of the bank’s stock worth $353,065,000 after acquiring an additional 441,155 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of ICICI Bank by 16.8% in the 2nd quarter. Hsbc Holdings PLC now owns 8,191,311 shares of the bank’s stock valued at $236,082,000 after acquiring an additional 1,180,981 shares during the period. Driehaus Capital Management LLC raised its position in ICICI Bank by 8.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,364,221 shares of the bank’s stock valued at $183,353,000 after purchasing an additional 490,892 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in ICICI Bank by 4.1% during the 2nd quarter. Baillie Gifford & Co. now owns 6,193,699 shares of the bank’s stock worth $178,440,000 after purchasing an additional 243,645 shares during the period. 18.18% of the stock is owned by hedge funds and other 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.