ICICI Bank (NYSE:IBN) Stock Crosses Above 200-Day Moving Average – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $28.21 and traded as high as $29.67. ICICI Bank shares last traded at $29.57, with a volume of 5,199,187 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised ICICI Bank from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th.

ICICI Bank Price Performance

The company has a market cap of $103.71 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 2.13 and a beta of 1.02. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.72. The firm has a 50 day simple moving average of $29.47 and a 200-day simple moving average of $28.22.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Saturday, July 27th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.05 billion. ICICI Bank had a net margin of 24.44% and a return on equity of 16.17%. As a group, research analysts predict that ICICI Bank Limited will post 1.51 earnings per share for the current fiscal year.

ICICI Bank Increases Dividend

The firm also recently declared an annual dividend, which was paid on Monday, August 12th. Stockholders of record on Friday, January 1st were given a dividend of $0.2028 per share. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from ICICI Bank’s previous annual dividend of $0.11. This represents a dividend yield of 0.4%. ICICI Bank’s dividend payout ratio is presently 14.39%.

Institutional Trading of ICICI Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norden Group LLC acquired a new position in ICICI Bank during the 1st quarter valued at about $245,000. ORG Partners LLC acquired a new position in shares of ICICI Bank during the first quarter valued at about $54,000. Daiwa Securities Group Inc. increased its holdings in shares of ICICI Bank by 26.3% during the first quarter. Daiwa Securities Group Inc. now owns 5,102,286 shares of the bank’s stock valued at $134,751,000 after acquiring an additional 1,061,167 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of ICICI Bank by 1.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,138,932 shares of the bank’s stock valued at $30,079,000 after purchasing an additional 19,350 shares during the last quarter. Finally, Tobam boosted its stake in ICICI Bank by 280.2% in the 1st quarter. Tobam now owns 110,181 shares of the bank’s stock worth $2,910,000 after purchasing an additional 81,198 shares in the last quarter. Hedge funds and other institutional investors own 18.18% of the company’s stock.

About ICICI Bank

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.