ICICI Bank (NYSE:IBN) Hits New 1-Year High – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price hit a new 52-week high during trading on Thursday. The stock traded as high as $32.06 and last traded at $32.4880, with a volume of 44,830 shares trading hands. The stock had previously closed at $31.26.

Wall Street Analysts Forecast Growth

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

ICICI Bank Trading Up 4.1%

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market cap of $121.57 billion, a P/E ratio of 17.89, a P/E/G ratio of 1.11 and a beta of 0.36. The stock’s 50-day moving average is $29.06 and its two-hundred day moving average is $28.58.

Institutional Investors Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently modified their holdings of IBN. GAMMA Investing LLC boosted its holdings in 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 period. Nisa Investment Advisors LLC grew its position in ICICI Bank by 37.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,779 shares of the bank’s stock worth $49,000 after acquiring an additional 488 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in ICICI Bank by 3.1% in the first 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 in the last quarter. IFP Advisors Inc lifted its position in ICICI Bank by 3.7% during the 3rd quarter. IFP Advisors Inc now owns 16,672 shares of the bank’s stock worth $459,000 after buying an additional 600 shares in the last quarter. Finally, Angeles Wealth Management LLC grew its position in shares of ICICI Bank by 10.3% in the third quarter. Angeles Wealth Management LLC now owns 8,165 shares of the bank’s stock valued at $225,000 after purchasing an additional 762 shares during the last quarter. 18.18% of the stock is currently 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.

ICICI Bank traces its origins to the Industrial Credit and Investment Corporation of India, established in 1955 to support industrial development.