ICICI Bank (NYSE:IBN) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of ICICI Bank Limited (NYSE:IBN) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.66 and traded as high as $29.66. ICICI Bank shares last traded at $29.46, with a volume of 2,017,705 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised ICICI Bank from a “sell” rating to a “hold” rating in a research note on Thursday, September 5th.

ICICI Bank Price Performance

The stock has a market cap of $103.82 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 1.98 and a beta of 1.02. The stock has a fifty day simple moving average of $29.94 and a 200-day simple moving average of $28.66. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.74.

Institutional Trading of ICICI Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBN. Asset Dedication LLC grew its holdings in ICICI Bank by 620.0% in the 3rd quarter. Asset Dedication LLC now owns 1,008 shares of the bank’s stock valued at $30,000 after buying an additional 868 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of ICICI Bank during the 1st quarter worth approximately $46,000. ORG Wealth Partners LLC acquired a new stake in shares of ICICI Bank during the 3rd quarter worth approximately $50,000. Tsfg LLC acquired a new stake in shares of ICICI Bank during the 3rd quarter worth approximately $53,000. Finally, JFS Wealth Advisors LLC grew its holdings in shares of ICICI Bank by 22.4% during the 3rd quarter. JFS Wealth Advisors LLC now owns 2,875 shares of the bank’s stock worth $86,000 after purchasing an additional 526 shares in the last quarter. Institutional investors and hedge funds own 18.18% of the company’s stock.

ICICI Bank Company Profile

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.