Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) Shares Gap Up – Here’s Why

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $16.54, but opened at $17.27. Industrial & Commercial Bank of China Ltd. shares last traded at $17.28, with a volume of 1,776 shares changing hands.

Analyst Ratings Changes

Separately, Zacks Research upgraded shares of Industrial & Commercial Bank of China Ltd. to a “hold” rating in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Industrial & Commercial Bank of China Ltd. currently has a consensus rating of “Hold”.

Industrial & Commercial Bank of China Ltd. Stock Performance

The firm’s 50 day moving average is $17.46 and its 200 day moving average is $16.90. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $308.83 billion, a P/E ratio of 6.10 and a beta of 0.11.

Industrial & Commercial Bank of China Ltd. (OTCMKTS:IDCBY) last announced its earnings results on Wednesday, April 29th. The company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.04). Industrial & Commercial Bank of China Ltd. had a net margin of 24.78% and a return on equity of 8.95%. The firm had revenue of $32.05 billion during the quarter, compared to analyst estimates of $30.88 billion. Analysts anticipate that Industrial & Commercial Bank of China Ltd. will post 3.01 EPS for the current year.

Industrial & Commercial Bank of China Ltd. Company Profile

Industrial & Commercial Bank of China Ltd. (ICBC) is a state-owned commercial bank headquartered in Beijing. Founded in 1984, ICBC has grown into one of the world’s largest banking institutions by total assets, operating a diversified financial services business that serves corporate, institutional and retail clients. The bank provides deposit-taking and lending, trade and transaction banking, treasury and markets services, as well as a range of payment and settlement solutions.

ICBC’s product and service offerings span corporate banking, retail banking, and investment banking, including corporate loans, supply‑chain and trade finance, cash management, credit and debit cards, mortgages and consumer finance, wealth-management products, custody and asset-management services.