ICICI Bank (NYSE:IBN) Shares Gap Up – Here’s What Happened

Shares of ICICI Bank Limited (NYSE:IBN) gapped up before the market opened on Thursday . The stock had previously closed at $31.97, but opened at $32.90. ICICI Bank shares last traded at $33.14, with a volume of 1,203,945 shares.

Wall Street Analysts Forecast Growth

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

ICICI Bank Stock Up 4.1 %

The stock has a market capitalization of $117.55 billion, a price-to-earnings ratio of 22.04, a P/E/G 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. The firm’s fifty day simple moving average is $29.93 and its 200 day simple moving average is $29.81.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Kestra Investment Management LLC bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $29,000. BOCHK Asset Management Ltd acquired a new position in ICICI Bank during the fourth quarter worth $42,000. Murphy & Mullick Capital Management Corp bought a new position in ICICI Bank in the fourth quarter valued at $76,000. Ameliora Wealth Management Ltd. acquired a new stake in ICICI Bank in the 4th quarter valued at $82,000. Finally, TD Waterhouse Canada Inc. lifted its position in ICICI Bank by 47.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,754 shares of the bank’s stock worth $82,000 after buying an additional 886 shares in the last quarter. 18.18% of the stock is currently owned by institutional investors.

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.