ICICI Bank (NYSE:IBN) Hits New 1-Year Low - Time to Sell?

Key Points

• 52-week low: IBN hit a new 52-week low of $25.99 (last $26.31) on volume ~1.04M shares and is trading below its 50-day ($29.60) and 200-day ($30.41) moving averages.
• Analyst sentiment and earnings: Recent downgrades (Weiss to Hold, Wall Street Zen to Sell) leave a MarketBeat consensus of "Hold" after ICICI missed EPS estimates, reporting $0.35 vs. $0.38 expected.
• Valuation and institutional activity: The bank has a $93.99B market cap with a P/E of 16.62 and PEG of 1.25, and roughly 18.18% of shares are held by institutions, several of which have recently increased positions.

ICICI Bank Limited (NYSE:IBN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $25.99 and last traded at $26.3080, with a volume of 1044487 shares traded. The stock had previously closed at $26.45.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Weiss Ratings cut ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, February 18th. Wall Street Zen downgraded shares of ICICI Bank from a "hold" rating to a "sell" rating in a report on Saturday, December 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, ICICI Bank currently has a consensus rating of "Hold".

ICICI Bank Stock Performance

The stock has a market capitalization of $93.99 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.25 and a beta of 0.38. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The stock's 50-day simple moving average is $29.60 and its 200 day simple moving average is $30.41.

ICICI Bank (NYSE:IBN - Get Free Report) last released its earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The firm had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $3.41 billion. ICICI Bank had a return on equity of 14.17% and a net margin of 24.57%. Analysts expect that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IBN. EverSource Wealth Advisors LLC grew its position in ICICI Bank by 38.6% in the second quarter. EverSource Wealth Advisors LLC now owns 17,383 shares of the bank's stock worth $585,000 after acquiring an additional 4,844 shares in the last quarter. Quantum Portfolio Management LLC raised its stake in shares of ICICI Bank by 16.6% in the second quarter. Quantum Portfolio Management LLC now owns 14,015 shares of the bank's stock worth $471,000 after purchasing an additional 1,996 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in ICICI Bank in the 2nd quarter worth $553,000. Loomis Sayles & Co. L P lifted its position in ICICI Bank by 82.3% during the second quarter. Loomis Sayles & Co. L P now owns 389,986 shares of the bank's stock valued at $13,119,000 after purchasing an additional 176,077 shares in the last quarter. Finally, J.W. Cole Advisors Inc. bought a new stake in ICICI Bank during the second quarter valued at about $824,000. 18.18% of the stock is owned by institutional investors.

About ICICI Bank

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India's largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank's core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.

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