ICICI Bank (NYSE:IBN) Reaches New 12-Month Low – Here’s What Happened

ICICI Bank Limited (NYSE:IBN)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $26.51 and last traded at $26.5230, with a volume of 6500894 shares traded. The stock had previously closed at $27.42.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IBN shares. Wall Street Zen cut ICICI Bank from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Weiss Ratings downgraded shares of ICICI Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, February 18th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, ICICI Bank currently has an average rating of “Hold”.

ICICI Bank Price Performance

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The firm’s fifty day moving average price is $29.97 and its 200 day moving average price is $30.56. The stock has a market cap of $94.92 billion, a PE ratio of 16.79, a P/E/G ratio of 1.30 and a beta of 0.38.

ICICI Bank (NYSE:IBN) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). ICICI Bank had a net margin of 24.57% and a return on equity of 14.17%. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $3.41 billion. As a group, equities analysts expect that ICICI Bank Limited will post 1.53 EPS for the current fiscal year.

Hedge Funds Weigh In On ICICI Bank

Several institutional investors have recently bought and sold shares of IBN. NewEdge Advisors LLC increased its holdings in shares of ICICI Bank by 5.4% in the 1st quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank’s stock worth $424,000 after buying an additional 689 shares during the last quarter. SG Americas Securities LLC raised its holdings in ICICI Bank by 83.4% during the 2nd quarter. SG Americas Securities LLC now owns 144,402 shares of the bank’s stock valued at $4,858,000 after buying an additional 65,665 shares during the period. Creative Planning raised its holdings in ICICI Bank by 6.0% during the 2nd quarter. Creative Planning now owns 50,564 shares of the bank’s stock valued at $1,701,000 after buying an additional 2,840 shares during the period. Raiffeisen Bank International AG lifted its position in ICICI Bank by 164.0% in the second quarter. Raiffeisen Bank International AG now owns 61,876 shares of the bank’s stock worth $2,035,000 after buying an additional 38,437 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in ICICI Bank by 5.5% during the second quarter. Nomura Asset Management Co. Ltd. now owns 1,571,402 shares of the bank’s stock worth $52,862,000 after buying an additional 82,340 shares during the period. Institutional investors own 18.18% of the company’s stock.

ICICI Bank Company Profile

ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.

The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.