ICICI Bank (NYSE:IBN) Stock Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• ICICI Bank's stock has crossed above its 200-day moving average at $31.89, reaching a high of $32.59 during recent trading.
• Wall Street Zen has downgraded ICICI Bank from a "hold" rating to a "sell" rating as of July 26th.
• The bank reported $0.43 earnings per share for the last quarter, exceeding analysts' expectations of $0.40.

ICICI Bank Limited (NYSE:IBN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.89 and traded as high as $32.59. ICICI Bank shares last traded at $32.55, with a volume of 3,197,817 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of ICICI Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th.

ICICI Bank Stock Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $117.35 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 2.15 and a beta of 0.61. The stock's 50 day moving average price is $33.33 and its two-hundred day moving average price is $31.97.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IBN. Wayfinding Financial LLC acquired a new stake in ICICI Bank during the 1st quarter worth approximately $26,000. Cornerstone Planning Group LLC raised its holdings in ICICI Bank by 1,253.4% in 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 period. Cullen Frost Bankers Inc. purchased a new position in ICICI Bank in the second quarter valued at approximately $36,000. NewSquare Capital LLC raised its holdings in ICICI Bank by 118.5% in the second quarter. NewSquare Capital LLC now owns 1,250 shares of the bank's stock valued at $42,000 after buying an additional 678 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in ICICI Bank by 53.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,521 shares of the bank's stock valued at $48,000 after buying an additional 528 shares during the period. Institutional investors and hedge funds 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.