Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) Hits New 1-Year High – Here’s Why

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) hit a new 52-week high during trading on Tuesday . The company traded as high as $18.75 and last traded at $18.75, with a volume of 291 shares changing hands. The stock had previously closed at $18.30.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Industrial & Commercial Bank of China Ltd. from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Strong Buy”.

Industrial & Commercial Bank of China Ltd. Trading Up 1.4%

The company has a market cap of $335.56 billion, a P/E ratio of 6.63 and a beta of 0.11. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.81. The firm has a 50-day moving average of $17.39 and a 200 day moving average of $17.07.

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.04). Industrial & Commercial Bank of China Ltd. had a net margin of 24.78% and a return on equity of 8.79%. The business had revenue of $32.05 billion during the quarter, compared to the consensus estimate of $30.88 billion. On average, analysts predict that Industrial & Commercial Bank of China Ltd. will post 3.15 earnings per share for the current fiscal year.

Industrial & Commercial Bank of China Ltd. Company Profile

Industrial & Commercial Bank of China Ltd. (ICBC) is a state-owned commercial bank headquartered in Beijing. Founded in 1984, ICBC has grown into one of the world’s largest banking institutions by total assets, operating a diversified financial services business that serves corporate, institutional and retail clients. The bank provides deposit-taking and lending, trade and transaction banking, treasury and markets services, as well as a range of payment and settlement solutions.

ICBC’s product and service offerings span corporate banking, retail banking, and investment banking, including corporate loans, supply‑chain and trade finance, cash management, credit and debit cards, mortgages and consumer finance, wealth-management products, custody and asset-management services.