ICICI Bank (NYSE:IBN) Share Price Breaks Above 50 Day Moving Average – Time to Sell?

ICICI Bank Limited (NYSE:IBN) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $28.91 and traded as high as $29.14. ICICI Bank shares last traded at $29.12, with a volume of 3,689,666 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on IBN shares. Weiss Ratings reiterated a “hold (c)” rating on shares of ICICI Bank in a report on Monday, October 19th. Wall Street Zen upgraded ICICI Bank from a “sell” rating to a “hold” rating in a research note on Saturday, August 29th. Sanford C. Bernstein raised ICICI Bank from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Zacks Research upgraded ICICI Bank from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, The Goldman Sachs Group began coverage on shares of ICICI Bank in a report on Friday, August 21st. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, ICICI Bank currently has a consensus rating of “Buy”.

ICICI Bank Trading Up 1.1%

The company has a 50 day moving average of $28.91 and a two-hundred day moving average of $28.56. The stock has a market capitalization of $105.72 billion, a PE ratio of 17.50, a P/E/G ratio of 1.08 and a beta of 0.41. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.06 and a current ratio of 1.06.

Institutional Investors Weigh In On ICICI Bank

A number of large investors have recently made changes to their positions in IBN. Ascent Group LLC increased its holdings in ICICI Bank by 6.9% in the third quarter. Ascent Group LLC now owns 20,930 shares of the bank’s stock valued at $577,000 after buying an additional 1,345 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in shares of ICICI Bank in the third quarter worth about $79,000. Summit Wealth Group LLC Co. purchased a new stake in shares of ICICI Bank during the 3rd quarter worth about $203,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of ICICI Bank by 37.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 69,629 shares of the bank’s stock worth $1,918,000 after acquiring an additional 18,866 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of ICICI Bank during the 3rd quarter valued at about $426,000. 18.18% of the stock is owned by hedge funds and other institutional investors.

About ICICI Bank

ICICI Bank Limited is an India-based private-sector bank that provides banking and financial services to individuals, businesses, institutions and government entities. Its offerings include savings and current accounts, deposits, residential and commercial loans, personal loans, credit cards, payments, wealth management, insurance and investment products.

The bank serves retail customers through digital channels and a network of branches and ATMs, while its corporate and institutional businesses provide working-capital finance, term loans, trade finance, cash management, foreign-exchange services and other banking solutions.