ICICI Bank (NYSE:IBN) Trading 2.3% Higher – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price was up 2.3% on Friday . The stock traded as high as $31.39 and last traded at $31.34. Approximately 665,521 shares changed hands during trading, a decline of 86% from the average daily volume of 4,637,450 shares. The stock had previously closed at $30.64.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a research note on Wednesday.

ICICI Bank Stock Up 2.1 %

The firm’s 50 day moving average is $28.67 and its two-hundred day moving average is $29.61. The firm has a market cap of $110.46 billion, a P/E ratio of 20.71, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.70.

ICICI Bank (NYSE:IBN) last released its quarterly earnings data on Saturday, January 25th. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.03. ICICI Bank had a net margin of 24.40% and a return on equity of 15.61%. As a group, research analysts anticipate that ICICI Bank Limited will post 1.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Erste Asset Management GmbH bought a new position in ICICI Bank in the third quarter valued at approximately $8,323,000. FORA Capital LLC bought a new position in ICICI Bank in the third quarter valued at approximately $252,000. Advisors Asset Management Inc. lifted its stake in ICICI Bank by 78.1% in the third quarter. Advisors Asset Management Inc. now owns 4,399 shares of the bank’s stock valued at $131,000 after buying an additional 1,929 shares in the last quarter. Capstone Investment Advisors LLC lifted its stake in ICICI Bank by 2,911.0% in the third quarter. Capstone Investment Advisors LLC now owns 257,383 shares of the bank’s stock valued at $7,683,000 after buying an additional 248,835 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in ICICI Bank by 54.8% in the third quarter. Cerity Partners LLC now owns 275,189 shares of the bank’s stock valued at $8,214,000 after buying an additional 97,445 shares in the last quarter. Institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

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.