ICICI Bank Limited (IBN) Sets New 52-Week High at $9.42

ICICI Bank Limited (NYSE:IBN)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.42 and last traded at $9.43, with a volume of 6,210,966 shares traded. The stock had previously closed at $9.27.

Several research firms recently issued reports on IBN. Zacks Investment Research upgraded ICICI Bank Limited from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Wednesday, June 7th. BidaskClub lowered ICICI Bank Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, ValuEngine lowered ICICI Bank Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. ICICI Bank Limited presently has a consensus rating of “Hold” and a consensus target price of $11.00.

The firm has a market cap of $28.96 billion, a PE ratio of 18.01 and a beta of 1.77. The firm has a 50 day moving average price of $9.19 and a 200 day moving average price of $8.39.

ICICI Bank Limited (NYSE:IBN) last announced its quarterly earnings data on Thursday, July 27th. The bank reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. ICICI Bank Limited had a return on equity of 8.86% and a net margin of 13.03%. The company had revenue of $1.39 billion for the quarter. Equities research analysts anticipate that ICICI Bank Limited will post $0.38 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Archford Capital Strategies LLC boosted its position in shares of ICICI Bank Limited by 8,057.4% in the second quarter. Archford Capital Strategies LLC now owns 9,381 shares of the bank’s stock valued at $562,000 after buying an additional 9,266 shares during the period. Schafer Cullen Capital Management Inc. boosted its position in shares of ICICI Bank Limited by 14.9% in the second quarter. Schafer Cullen Capital Management Inc. now owns 1,355,946 shares of the bank’s stock valued at $12,163,000 after buying an additional 175,802 shares during the period. Cullen Capital Management LLC boosted its position in shares of ICICI Bank Limited by 28.6% in the second quarter. Cullen Capital Management LLC now owns 1,278,475 shares of the bank’s stock valued at $11,468,000 after buying an additional 284,225 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of ICICI Bank Limited by 175.4% in the second quarter. The Manufacturers Life Insurance Company now owns 1,159,848 shares of the bank’s stock valued at $10,403,000 after buying an additional 738,662 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of ICICI Bank Limited by 13.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 153,010 shares of the bank’s stock valued at $1,364,000 after buying an additional 17,910 shares during the period. 21.22% of the stock is currently owned by institutional investors.

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ICICI Bank Limited Company Profile

ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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