ICICI Bank (NYSE:IBN) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Shares of ICICI Bank Limited (NYSE:IBN) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $29.69 and traded as high as $31.74. ICICI Bank shares last traded at $31.38, with a volume of 2,652,999 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded ICICI Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th.

ICICI Bank Stock Performance

The firm’s 50 day moving average is $28.97 and its 200 day moving average is $29.69. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $110.80 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01.

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

Institutional Investors Weigh In On ICICI Bank

A number of large investors have recently modified their holdings of IBN. Kestra Investment Management LLC acquired a new stake in ICICI Bank in the 4th quarter worth approximately $29,000. BOCHK Asset Management Ltd acquired a new stake in shares of ICICI Bank during the fourth quarter worth $42,000. Hobbs Group Advisors LLC purchased a new stake in shares of ICICI Bank during the third quarter valued at $54,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of ICICI Bank in the 4th quarter valued at $76,000. Finally, Ameliora Wealth Management Ltd. purchased a new position in ICICI Bank in the 4th quarter worth $82,000. Hedge funds and other 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.