ICICI Bank (NYSE:IBN) Shares Gap Up – Still a Buy?

ICICI Bank Limited (NYSE:IBN)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $31.97, but opened at $32.90. ICICI Bank shares last traded at $33.14, with a volume of 1,203,945 shares.

Wall Street Analyst Weigh In

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

ICICI Bank Trading Up 4.1 %

The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50-day moving average price is $29.93 and its 200 day moving average price is $29.81. The company has a market cap of $117.55 billion, a P/E ratio of 22.04, a P/E/G ratio of 1.53 and a beta of 0.65.

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

Institutional Investors Weigh In On ICICI Bank

A number of large investors have recently added to or reduced their stakes in the stock. Grove Bank & Trust lifted its holdings in shares of ICICI Bank by 8.9% during the 1st quarter. Grove Bank & Trust now owns 6,187 shares of the bank’s stock worth $195,000 after acquiring an additional 508 shares during the period. Adero Partners LLC lifted its stake in ICICI Bank by 13.5% during the first quarter. Adero Partners LLC now owns 10,805 shares of the bank’s stock worth $341,000 after purchasing an additional 1,286 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of ICICI Bank by 2.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 28,897 shares of the bank’s stock valued at $911,000 after purchasing an additional 822 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of ICICI Bank by 288.8% in the 1st quarter. Bank Pictet & Cie Europe AG now owns 43,397 shares of the bank’s stock valued at $1,368,000 after purchasing an additional 32,234 shares during the last quarter. Finally, CogentBlue Wealth Advisors LLC raised its holdings in shares of ICICI Bank by 74.7% during the 1st quarter. CogentBlue Wealth Advisors LLC now owns 17,129 shares of the bank’s stock worth $540,000 after buying an additional 7,325 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.