ICICI Bank (NYSE:IBN) Sets New 1-Year Low - What's Next?

Key Points

• Shares of ICICI Bank hit a new 52-week low, trading as low as $24.99 and last at $25.2050 on mid-day volume of about 27,336 shares.
• Analysts have moved to the downside—Weiss Ratings cut the stock from buy to hold and Wall Street Zen downgraded it to sell—leaving a MarketBeat consensus rating of Hold.
• ICICI Bank missed EPS for the quarter ($0.35 reported vs. $0.38 expected) while reporting $8.53 billion in revenue; the stock trades with a market cap of $90.84 billion and a P/E of 16.09.

Shares of ICICI Bank Limited (NYSE:IBN - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $24.99 and last traded at $25.2050, with a volume of 27336 shares traded. The stock had previously closed at $25.30.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings cut ICICI Bank from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, February 18th. Wall Street Zen downgraded 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, According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

ICICI Bank Stock Performance

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $90.84 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.22 and a beta of 0.38. The business's 50-day moving average price is $29.19 and its 200-day moving average price is $30.24.

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 the consensus estimate of $0.38 by ($0.03). ICICI Bank had a net margin of 24.57% and a return on equity of 14.17%. The company had revenue of $8.53 billion for the quarter, compared to analysts' expectations of $3.41 billion. As a group, sell-side analysts expect that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBN. Navis Wealth Advisors LLC purchased a new stake in shares of ICICI Bank in the second quarter worth $205,000. EverSource Wealth Advisors LLC boosted its holdings in ICICI Bank by 38.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,383 shares of the bank's stock worth $585,000 after buying an additional 4,844 shares during the period. Quantum Portfolio Management LLC boosted its holdings in ICICI Bank by 16.6% in the 2nd quarter. Quantum Portfolio Management LLC now owns 14,015 shares of the bank's stock worth $471,000 after buying an additional 1,996 shares during the period. Capula Management Ltd increased its stake in ICICI Bank by 184.2% in the 2nd quarter. Capula Management Ltd now owns 83,795 shares of the bank's stock worth $2,819,000 after buying an additional 54,314 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in ICICI Bank by 8.0% during the second quarter. Invesco Ltd. now owns 22,478,956 shares of the bank's stock valued at $756,192,000 after acquiring an additional 1,673,986 shares during the period. 18.18% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.