ICICI Bank (NYSE:IBN) Hits New 1-Year Low – What’s Next?

ICICI Bank Limited (NYSE:IBN)’s share price hit a new 52-week low on Wednesday . The company traded as low as $26.51 and last traded at $26.5230, with a volume of 6500894 shares. The stock had previously closed at $27.42.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBN. Wall Street Zen downgraded ICICI Bank from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Weiss Ratings cut ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, February 18th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold”.

ICICI Bank Stock Performance

The company has a market capitalization of $93.31 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.38. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $29.79 and a 200-day simple moving average of $30.50.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). The company had revenue of $8.53 billion for the quarter, compared to analyst estimates of $3.41 billion. ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%. On average, analysts anticipate that ICICI Bank Limited will post 1.53 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC increased its holdings in ICICI Bank by 1.0% in the fourth quarter. Corient Private Wealth LLC now owns 97,804 shares of the bank’s stock valued at $2,915,000 after buying an additional 990 shares during the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new stake in ICICI Bank in the fourth quarter worth about $34,845,000. Ovata Capital Management Ltd acquired a new position in shares of ICICI Bank during the fourth quarter valued at approximately $4,306,000. Caitong International Asset Management Co. Ltd lifted its position in ICICI Bank by 34,093.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 14,703 shares of the bank’s stock worth $438,000 after purchasing an additional 14,660 shares during the period. Finally, Virtu Financial LLC boosted its stake in ICICI Bank by 92.5% during the 4th quarter. Virtu Financial LLC now owns 54,705 shares of the bank’s stock valued at $1,630,000 after purchasing an additional 26,286 shares in the last quarter. 18.18% of the stock is owned by institutional investors and hedge funds.

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.