ICICI Bank (NYSE:IBN) Shares Gap Down - Time to Sell?

Key Points

• ICICI Bank's stock price dropped significantly, closing at $31.25 after opening at $31.45, down from a previous close of $32.94.
• Analysts at Wall Street Zen have downgraded ICICI Bank's rating from "hold" to "sell", indicating a bearish outlook on the stock.
• Institutional investors have recently increased their stakes in ICICI Bank, with Cornerstone Planning Group LLC boosting its position by 1,253.4% during the first quarter.

ICICI Bank Limited (NYSE:IBN - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $32.94, but opened at $31.45. ICICI Bank shares last traded at $31.25, with a volume of 2,352,793 shares.

Analyst Ratings Changes

Separately, Wall Street Zen lowered ICICI Bank from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th.

ICICI Bank Trading Down 5.9%

The firm has a market capitalization of $110.76 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 1.64 and a beta of 0.52. The firm has a fifty day simple moving average of $31.77 and a two-hundred day simple moving average of $32.73. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.00 and a quick ratio of 1.00.

ICICI Bank (NYSE:IBN - Get Free Report) last posted its earnings results on Saturday, July 19th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. ICICI Bank had a return on equity of 15.40% and a net margin of 24.81%.The firm had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.29 billion. On average, equities research analysts anticipate that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC grew its stake in shares of ICICI Bank by 1,253.4% during the first quarter. Cornerstone Planning Group LLC now owns 785 shares of the bank's stock valued at $26,000 after buying an additional 727 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of ICICI Bank in the first quarter worth about $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of ICICI Bank in the second quarter worth about $36,000. NewSquare Capital LLC grew its stake in shares of ICICI Bank by 118.5% in the second quarter. NewSquare Capital LLC now owns 1,250 shares of the bank's stock worth $42,000 after purchasing an additional 678 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of ICICI Bank by 53.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank's stock worth $48,000 after purchasing an additional 528 shares during the last quarter. 18.18% of the stock is owned by institutional investors.

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.

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