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

ICICI Bank Limited (NYSE:IBN)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $29.74 and traded as high as $30.71. ICICI Bank shares last traded at $30.30, with a volume of 8,398,633 shares.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th.

ICICI Bank Price Performance

The firm has a 50-day moving average price of $29.35 and a 200 day moving average price of $29.74. The stock has a market capitalization of $107.02 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 1.53 and a beta of 0.65. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings data on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. On average, analysts expect that ICICI Bank Limited will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Summit Global Investments boosted its stake in ICICI Bank by 135.8% during the first quarter. Summit Global Investments now owns 65,997 shares of the bank’s stock worth $2,080,000 after acquiring an additional 38,003 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of ICICI Bank by 3,188.8% in the 1st quarter. GAMMA Investing LLC now owns 415,244 shares of the bank’s stock worth $13,174,000 after purchasing an additional 402,618 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of ICICI Bank by 14.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,628 shares of the bank’s stock worth $1,303,000 after buying an additional 5,405 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new position in ICICI Bank during the 4th quarter valued at approximately $23,917,000. Finally, Employees Retirement System of Texas raised its stake in ICICI Bank by 18.1% during the fourth quarter. Employees Retirement System of Texas now owns 326,901 shares of the bank’s stock valued at $9,761,000 after buying an additional 50,012 shares during the last quarter. 18.18% of the stock is owned by hedge funds and other institutional investors.

About ICICI Bank

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.