ICICI Bank (NYSE:IBN) Stock Price Passes Above 200 Day Moving Average - Should You Sell?

Key Points

• ICICI Bank shares briefly moved above their 200-day moving average, reaching $28.15 versus the $28.12 average, although they remained below the 50-day moving average of $29.70.
• Analyst sentiment has improved, with recent upgrades including Bernstein’s move to “strong buy” and Goldman Sachs’ new “buy” rating. MarketBeat reports a consensus rating of “Moderate Buy”.
• The bank exceeded quarterly expectations, reporting EPS of $0.43 versus a $0.40 consensus estimate and revenue of $5.97 billion. Institutional ownership stands at 18.18%, with several investors increasing their positions.

ICICI Bank Limited (NYSE:IBN - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.12 and traded as high as $28.15. ICICI Bank shares last traded at $28.1270, with a volume of 4,215,470 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Sanford C. Bernstein raised ICICI Bank from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. The Goldman Sachs Group initiated coverage on shares of ICICI Bank in a research report on Friday, August 21st. They set a "buy" rating for the company. Zacks Research raised shares of ICICI Bank from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Finally, Wall Street Zen raised shares of ICICI Bank from a "sell" rating to a "hold" rating in a report on Saturday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy".

ICICI Bank Price Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $100.93 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 1.53 and a beta of 0.41. The business has a fifty day moving average of $29.70 and a 200-day moving average of $28.12.

ICICI Bank (NYSE:IBN - Get Free Report) last announced its earnings results on Sunday, July 19th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. ICICI Bank had a return on equity of 13.81% and a net margin of 25.60%.The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $3.32 billion. On average, sell-side analysts forecast that ICICI Bank Limited will post 1.67 EPS for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bullseye Investment Management LLC bought a new stake in shares of ICICI Bank during the 2nd quarter worth about $32,000. Sequoia Financial Advisors LLC boosted its holdings in shares of ICICI Bank by 5.2% in the second quarter. Sequoia Financial Advisors LLC now owns 107,529 shares of the bank's stock valued at $3,122,000 after acquiring an additional 5,307 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of ICICI Bank by 59.8% in the second quarter. Tidal Investments LLC now owns 409,799 shares of the bank's stock valued at $11,896,000 after acquiring an additional 153,305 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of ICICI Bank by 23.2% during the second quarter. NewEdge Advisors LLC now owns 27,991 shares of the bank's stock valued at $813,000 after acquiring an additional 5,280 shares during the period. Finally, Nykredit A S acquired a new position in shares of ICICI Bank during the second quarter valued at approximately $18,134,000. 18.18% of the stock is currently owned by institutional investors.

ICICI Bank Company Profile

ICICI Bank Limited NYSE: IBN is an Indian private-sector banking company headquartered in Mumbai, India. The bank provides a broad range of financial services to individuals, businesses and institutions through its branch network, digital platforms and other distribution channels.

Its offerings include savings and current accounts, deposits, personal and business loans, home and auto finance, credit and debit cards, payments, remittance services, investment products and wealth management.

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