ICICI Bank (NYSE:IBN) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

ICICI Bank Limited (NYSE:IBN) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.12 and traded as high as $28.15. ICICI Bank shares last traded at $28.1270, with a volume of 4,215,470 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Zacks Research raised ICICI Bank from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Wall Street Zen raised ICICI Bank from a “sell” rating to a “hold” rating in a report on Saturday, August 29th. Sanford C. Bernstein raised shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group began coverage on shares of ICICI Bank in a research report on Friday, August 21st. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

ICICI Bank Trading Down 0.2%

The business has a fifty day moving average price of $29.70 and a 200-day moving average price of $28.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The company has a market cap of $100.93 billion, a P/E ratio of 17.80, a PEG ratio of 1.53 and a beta of 0.41.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $3.32 billion. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%. On average, analysts forecast that ICICI Bank Limited will post 1.65 earnings per share for the current year.

Institutional Investors Weigh In On ICICI Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of ICICI Bank by 43.0% in the first quarter. Bank of America Corp DE now owns 12,932,141 shares of the bank’s stock valued at $334,942,000 after acquiring an additional 3,889,449 shares in the last quarter. Temasek Holdings Private Ltd raised its stake in ICICI Bank by 11.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 29,195,789 shares of the bank’s stock worth $870,035,000 after purchasing an additional 2,964,312 shares in the last quarter. Man Group plc boosted its holdings in ICICI Bank by 34.6% in the 4th quarter. Man Group plc now owns 9,070,256 shares of the bank’s stock valued at $270,294,000 after purchasing an additional 2,331,490 shares during the period. SG Americas Securities LLC boosted its holdings in ICICI Bank by 202.7% in the 1st quarter. SG Americas Securities LLC now owns 2,662,894 shares of the bank’s stock valued at $68,969,000 after purchasing an additional 1,783,105 shares during the period. Finally, BSN CAPITAL PARTNERS Ltd acquired a new position in shares of ICICI Bank during the 4th quarter worth approximately $34,845,000. Institutional investors and hedge funds own 18.18% of the company’s stock.

ICICI Bank Company Profile

ICICI Bank Limited (NYSE: IBN) is an Indian private-sector banking company headquartered in Mumbai, India. The bank provides a broad range of financial services to individuals, businesses and institutions through its branch network, digital platforms and other distribution channels.

Its offerings include savings and current accounts, deposits, personal and business loans, home and auto finance, credit and debit cards, payments, remittance services, investment products and wealth management.