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

ICICI Bank Limited (NYSE:IBN) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $28.29 and traded as high as $29.67. ICICI Bank shares last traded at $29.6250, with a volume of 3,028,292 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein upgraded shares of ICICI Bank from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Weiss Ratings lowered shares of ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Zacks Research raised shares of ICICI Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Wall Street Zen raised ICICI Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

ICICI Bank Trading Up 0.8%

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 stock’s 50 day moving average is $29.29 and its two-hundred day moving average is $28.29. The company has a market capitalization of $106.29 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

ICICI Bank (NYSE:IBN) last posted its earnings results on Sunday, July 19th. The bank reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. ICICI Bank had a net margin of 25.60% and a return on equity of 13.81%. The business had revenue of ($2,429.85) million for the quarter, compared to the consensus estimate of $3.32 billion. As a group, sell-side analysts predict that ICICI Bank Limited will post 1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IBN. Drive Wealth Management LLC raised its holdings in ICICI Bank by 8.0% in the fourth quarter. Drive Wealth Management LLC now owns 11,666 shares of the bank’s stock worth $348,000 after purchasing an additional 869 shares in the last quarter. Bryn Mawr Trust Advisors LLC grew its position in shares of ICICI Bank by 6.7% in the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 10,085 shares of the bank’s stock worth $301,000 after buying an additional 634 shares during the last quarter. Ethic Inc. grew its position in shares of ICICI Bank by 1.8% in the 4th quarter. Ethic Inc. now owns 281,291 shares of the bank’s stock worth $8,382,000 after buying an additional 4,891 shares during the last quarter. Indivisible Partners bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $365,000. Finally, Garner Asset Management Corp acquired a new stake in ICICI Bank in the fourth quarter valued at approximately $117,000. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

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.