ICICI Bank (NYSE:IBN) Hits New 12-Month High – Here’s Why

ICICI Bank Limited (NYSE:IBN) hit a new 52-week high on Thursday. The company traded as high as $35.00 and last traded at $34.5720, with a volume of 707,271 shares. The stock had previously closed at $34.74.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IBN. The Goldman Sachs Group initiated coverage on ICICI Bank in a report on Friday, August 21st. They issued a “buy” rating on the stock. Zacks Research raised ICICI Bank from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. Sanford C. Bernstein upgraded shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ICICI Bank in a research note on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy”.

ICICI Bank Price Performance

The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $124.21 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.29 and a beta of 0.36. The firm has a 50-day moving average price of $29.34 and a 200 day moving average price of $28.66.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sompo Asset Management Co. Ltd. boosted its stake in shares of ICICI Bank by 2.1% in the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 19,580 shares of the bank’s stock valued at $539,000 after purchasing an additional 400 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of ICICI Bank by 2.7% in the third quarter. GAMMA Investing LLC now owns 17,148 shares of the bank’s stock worth $472,000 after purchasing an additional 446 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of ICICI Bank by 37.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,779 shares of the bank’s stock worth $49,000 after purchasing an additional 488 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in ICICI Bank by 3.1% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 18,670 shares of the bank’s stock valued at $484,000 after purchasing an additional 568 shares during the period. Finally, IFP Advisors Inc increased its holdings in ICICI Bank by 3.7% during the 3rd quarter. IFP Advisors Inc now owns 16,672 shares of the bank’s stock valued at $459,000 after purchasing an additional 600 shares during the period. 18.18% of the stock is owned by hedge funds and other institutional investors.

About ICICI Bank

ICICI Bank is an India-based banking and financial services company headquartered in Mumbai. It serves individuals, businesses, and institutions through a broad range of services, including savings and current accounts, loans, credit cards, payments, investment products, and corporate banking. The bank operates primarily in India and also serves customers internationally through overseas branches, subsidiaries, and other offices. Its offerings include retail and commercial banking, wholesale banking, treasury services, and digital banking through online and mobile platforms.