ICICI Bank (NYSE:IBN) Shares Gap Up to $30.78

ICICI Bank Limited (NYSE:IBN)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $30.78, but opened at $31.51. ICICI Bank shares last traded at $31.52, with a volume of 785,991 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of ICICI Bank from a “sell” rating to a “hold” rating in a research note on Thursday, September 5th.

ICICI Bank Trading Up 2.1 %

The stock has a market capitalization of $110.53 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 2.35 and a beta of 1.03. The company’s 50 day moving average is $28.85 and its 200 day moving average is $27.56. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.99 and a current ratio of 0.99.

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

ICICI Bank Increases Dividend

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

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds have recently made changes to their positions in the business. Capital International Investors raised its stake in shares of ICICI Bank by 11.5% in the 1st quarter. Capital International Investors now owns 20,827,332 shares of the bank’s stock valued at $550,050,000 after buying an additional 2,155,477 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ICICI Bank by 3.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,253,715 shares of the bank’s stock worth $353,065,000 after purchasing an additional 441,155 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of ICICI Bank by 16.8% in the 2nd quarter. Hsbc Holdings PLC now owns 8,191,311 shares of the bank’s stock worth $236,082,000 after purchasing an additional 1,180,981 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of ICICI Bank by 8.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,364,221 shares of the bank’s stock worth $183,353,000 after purchasing an additional 490,892 shares during the last quarter. Finally, Baillie Gifford & Co. grew its holdings in shares of ICICI Bank by 4.1% in the 2nd quarter. Baillie Gifford & Co. now owns 6,193,699 shares of the bank’s stock worth $178,440,000 after purchasing an additional 243,645 shares during the last quarter. Institutional investors and hedge funds 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.