ICICI Bank (NYSE:IBN) Hits New 1-Year High - Here's Why

Key Points

• ICICI Bank hit a new 52-week high, trading above its previous close of $31.26.
• Analyst views are broadly positive: MarketBeat reports a consensus Buy rating, including two Strong Buy ratings, one Buy, and one Hold.
• Several institutional investors increased their holdings during the first quarter, while hedge funds and other institutions collectively owned 18.18% of the bank’s stock.

ICICI Bank Limited (NYSE:IBN - Get Free Report) reached a new 52-week high during trading on Thursday. The company traded as high as $32.06 and last traded at $32.4880, with a volume of 44,830 shares. The stock had previously closed at $31.26.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IBN. Wall Street Zen upgraded shares of ICICI Bank from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. The Goldman Sachs Group started coverage on shares of ICICI Bank in a research note on Friday, August 21st. They set a "buy" rating on the stock. Sanford C. Bernstein raised ICICI Bank from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Weiss Ratings restated a "hold (c)" rating on shares of ICICI Bank in a research report on Monday, October 19th. Finally, Zacks Research raised ICICI Bank from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, ICICI Bank has a consensus rating of "Buy".

ICICI Bank Stock Performance

The stock has a market cap of $115.69 billion, a P/E ratio of 19.14, a PEG ratio of 1.12 and a beta of 0.36. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.06 and a quick ratio of 1.06. The firm's 50-day moving average price is $28.94 and its 200-day moving average price is $28.55.

Institutional Trading of ICICI Bank

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its position in ICICI Bank by 2.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 480,517 shares of the bank's stock valued at $12,359,000 after purchasing an additional 11,040 shares in the last quarter. Aubrey Capital Management Ltd grew its position in shares of ICICI Bank by 267.4% during the 1st quarter. Aubrey Capital Management Ltd now owns 31,600 shares of the bank's stock worth $818,000 after buying an additional 23,000 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of ICICI Bank by 3.1% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 18,670 shares of the bank's stock valued at $484,000 after buying an additional 568 shares during the period. Bleakley Financial Group LLC increased its stake in shares of ICICI Bank by 9.2% during the first quarter. Bleakley Financial Group LLC now owns 51,889 shares of the bank's stock valued at $1,344,000 after buying an additional 4,391 shares during the period. Finally, Castleview Partners LLC raised its holdings in shares of ICICI Bank by 15.9% in the first quarter. Castleview Partners LLC now owns 9,017 shares of the bank's stock valued at $234,000 after acquiring an additional 1,239 shares in the last quarter. Hedge funds and other institutional investors own 18.18% of the company's stock.

About ICICI Bank

ICICI Bank Limited is an India-based private-sector bank that provides banking and financial services to individuals, businesses, institutions and government entities. Its offerings include savings and current accounts, deposits, residential and commercial loans, personal loans, credit cards, payments, wealth management, insurance and investment products.

The bank serves retail customers through digital channels and a network of branches and ATMs, while its corporate and institutional businesses provide working-capital finance, term loans, trade finance, cash management, foreign-exchange services and other banking solutions.

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