ICICI Bank (NYSE:IBN) Stock Breaks Above 50-Day Moving Average - Here's Why

Key Points

• ICICI Bank shares rose above their 50-day moving average, reaching $29.14 and last trading at $29.12 on volume of approximately 3.69 million shares.
• Analyst sentiment has improved, with Goldman Sachs initiating coverage at “Buy” and Sanford C. Bernstein and Zacks Research upgrading the stock to “Strong Buy.” MarketBeat reports an overall average rating of “Buy.”
• Institutional ownership activity was positive, including increased stakes from Robeco, Bank of America and Ninety One; institutional investors and hedge funds collectively own 18.18% of the company.

ICICI Bank Limited (NYSE:IBN - Get Free Report) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $28.91 and traded as high as $29.14. ICICI Bank shares last traded at $29.12, with a volume of 3,689,666 shares traded.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IBN. The Goldman Sachs Group assumed coverage on shares of ICICI Bank in a report on Friday, August 21st. They set a "buy" rating for the company. Sanford C. Bernstein upgraded shares of ICICI Bank from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Zacks Research raised shares of ICICI Bank from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Wall Street Zen upgraded shares of ICICI Bank from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of ICICI Bank in a research note on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

ICICI Bank Stock Performance

The firm has a market capitalization of $104.54 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 1.06 and a beta of 0.41. The company has a 50-day moving average price of $28.91 and a 200-day moving average price of $28.57. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.72.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IBN. Robeco Institutional Asset Management B.V. increased its stake in ICICI Bank by 19.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 25,330,924 shares of the bank's stock valued at $697,867,000 after buying an additional 4,181,828 shares during the period. Bank of America Corp DE raised its position in shares of ICICI Bank by 43.0% during the 1st quarter. Bank of America Corp DE now owns 12,932,141 shares of the bank's stock worth $334,942,000 after buying an additional 3,889,449 shares in the last quarter. Brooklands Fund Management Ltd bought a new stake in shares of ICICI Bank during the 3rd quarter worth about $35,600,000. Nykredit A S acquired a new stake in shares of ICICI Bank in the 2nd quarter worth approximately $24,012,000. Finally, Ninety One North America Inc. lifted its stake in shares of ICICI Bank by 87.4% in the 3rd quarter. Ninety One North America Inc. now owns 1,137,487 shares of the bank's stock worth $31,338,000 after acquiring an additional 530,612 shares during the period. Institutional investors and hedge funds own 18.18% of the company's stock.

ICICI Bank Company Profile

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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