ICICI Bank (NYSE:IBN) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

ICICI Bank Limited (NYSE:IBN)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $29.69 and traded as high as $31.74. ICICI Bank shares last traded at $31.38, with a volume of 2,652,999 shares traded.

Wall Street Analysts Forecast Growth

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

ICICI Bank Stock Up 0.2 %

The firm has a 50-day moving average of $28.97 and a two-hundred day moving average of $29.70. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $110.81 billion, a PE ratio of 20.78, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Saturday, January 25th. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. Equities research analysts predict that ICICI Bank Limited will post 1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ICICI Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its position in ICICI Bank by 14.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 43,628 shares of the bank’s stock valued at $1,303,000 after purchasing an additional 5,405 shares during the period. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of ICICI Bank in the fourth quarter valued at $23,917,000. Employees Retirement System of Texas raised its holdings in shares of ICICI Bank by 18.1% in the 4th quarter. Employees Retirement System of Texas now owns 326,901 shares of the bank’s stock valued at $9,761,000 after buying an additional 50,012 shares during the period. Public Employees Retirement System of Ohio lifted its stake in ICICI Bank by 14.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 430,835 shares of the bank’s stock worth $12,865,000 after acquiring an additional 55,236 shares in the last quarter. Finally, BIP Alliance LLC purchased a new position in ICICI Bank during the 4th quarter valued at about $282,000. 18.18% of the stock is owned by hedge funds and other institutional investors.

About ICICI Bank

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.