ICICI Bank Ltd (NYSE:IBN) gapped up before the market opened on Monday . The stock had previously closed at $13.01, but opened at $13.03. ICICI Bank shares last traded at $13.12, with a volume of 2,894,351 shares trading hands.
Separately, ValuEngine upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $12.00.
The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.69. The business’s 50-day simple moving average is $11.96 and its 200 day simple moving average is $11.77. The firm has a market capitalization of $41.09 billion, a P/E ratio of 87.53 and a beta of 0.80.
ICICI Bank (NYSE:IBN) last issued its quarterly earnings results on Monday, July 29th. The bank reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.10). ICICI Bank had a net margin of 6.69% and a return on equity of 4.40%. The business had revenue of $1.62 billion for the quarter. Sell-side analysts predict that ICICI Bank Ltd will post 0.6 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. grew its position in ICICI Bank by 193.9% during the second quarter. Invesco Ltd. now owns 88,854,057 shares of the bank’s stock valued at $1,118,673,000 after acquiring an additional 58,623,145 shares during the last quarter. Morgan Stanley boosted its stake in shares of ICICI Bank by 28.0% during the second quarter. Morgan Stanley now owns 10,354,904 shares of the bank’s stock valued at $130,368,000 after purchasing an additional 2,265,399 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of ICICI Bank by 1,744.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,746,777 shares of the bank’s stock valued at $110,122,000 after purchasing an additional 8,272,545 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of ICICI Bank by 81.9% during the second quarter. BNP Paribas Arbitrage SA now owns 7,024,131 shares of the bank’s stock valued at $88,434,000 after purchasing an additional 3,163,539 shares during the period. Finally, Somerset Capital Management LLP boosted its stake in shares of ICICI Bank by 1.8% during the second quarter. Somerset Capital Management LLP now owns 6,633,406 shares of the bank’s stock valued at $83,515,000 after purchasing an additional 117,900 shares during the period. Institutional investors and hedge funds own 21.33% of the company’s stock.
ICICI Bank Company Profile (NYSE:IBN)
ICICI Bank Limited, together with its subsidiaries, provides banking and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and fixed, recurring, and security deposits.
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