ICICI Bank (NYSE:IBN) Shares Gap Up – Here’s Why

ICICI Bank Limited (NYSE:IBN)’s share price gapped up prior to trading on Monday . The stock had previously closed at $29.48, but opened at $30.68. ICICI Bank shares last traded at $30.85, with a volume of 1,555,790 shares trading hands.

Wall Street Analysts Forecast Growth

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

ICICI Bank Stock Up 5.5 %

The stock has a fifty day moving average of $29.49 and a 200-day moving average of $28.26. The firm has a market capitalization of $109.60 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 2.17 and a beta of 1.02. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.72.

ICICI Bank (NYSE:IBN) last posted its earnings results on Saturday, July 27th. The bank reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. ICICI Bank had a net margin of 24.44% and a return on equity of 16.17%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.05 billion. As a group, sell-side analysts expect that ICICI Bank Limited will post 1.51 EPS for the current year.

ICICI Bank Increases Dividend

The business also recently declared an annual dividend, which was paid on Monday, August 12th. Stockholders of record on Friday, January 1st were paid a dividend of $0.2028 per share. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from ICICI Bank’s previous annual dividend of $0.11. ICICI Bank’s dividend payout ratio is 13.99%.

Institutional Trading of ICICI Bank

Hedge funds have recently added to or reduced their stakes in the business. Capital Wealth Planning LLC raised its stake in ICICI Bank by 62.7% during the 1st quarter. Capital Wealth Planning LLC now owns 154,338 shares of the bank’s stock valued at $4,076,000 after purchasing an additional 59,468 shares during the last quarter. Norden Group LLC acquired a new position in ICICI Bank in the first quarter worth about $245,000. ORG Partners LLC bought a new position in ICICI Bank during the first quarter worth about $54,000. Daiwa Securities Group Inc. boosted its holdings in ICICI Bank by 26.3% during the first quarter. Daiwa Securities Group Inc. now owns 5,102,286 shares of the bank’s stock valued at $134,751,000 after purchasing an additional 1,061,167 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of ICICI Bank by 1.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,138,932 shares of the bank’s stock valued at $30,079,000 after purchasing an additional 19,350 shares during the period. Institutional investors own 18.18% of the company’s stock.

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.