ICICI Bank (NYSE:IBN) Shares Gap Up to $30.78

ICICI Bank Limited (NYSE:IBN) shares gapped up prior to trading on Friday . The stock had previously closed at $30.78, but opened at $31.51. ICICI Bank shares last traded at $31.52, with a volume of 785,991 shares traded.

Analysts Set New Price Targets

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

ICICI Bank Trading Up 2.1 %

The business’s fifty day simple moving average is $28.85 and its 200 day simple moving average is $27.56. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.72. The stock has a market cap of $110.53 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03.

ICICI Bank (NYSE:IBN) last issued its quarterly earnings data on Saturday, July 27th. The bank reported $0.37 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.05 billion. As a group, analysts expect that ICICI Bank Limited will post 1.51 EPS for the current year.

ICICI Bank Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, August 12th. Shareholders of record on Friday, January 1st were issued a dividend of $0.2028 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a yield of 0.4%. This is a positive change from ICICI Bank’s previous annual dividend of $0.11. ICICI Bank’s dividend payout ratio is currently 14.39%.

Institutional Investors Weigh In On ICICI Bank

A number of hedge funds have recently added to or reduced their stakes in IBN. JARISLOWSKY FRASER Ltd acquired a new position in ICICI Bank during the 4th quarter valued at about $496,000. Amansa Capital PTE. LTD. acquired a new position in ICICI Bank during the 4th quarter valued at about $64,002,000. Edmond DE Rothschild Holding S.A. lifted its position in ICICI Bank by 1.3% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 649,505 shares of the bank’s stock valued at $15,484,000 after purchasing an additional 8,405 shares during the period. Hsbc Holdings PLC lifted its position in ICICI Bank by 23.2% during the 4th quarter. Hsbc Holdings PLC now owns 7,105,479 shares of the bank’s stock valued at $169,408,000 after purchasing an additional 1,337,271 shares during the period. Finally, US Bancorp DE lifted its position in ICICI Bank by 38.4% during the 4th quarter. US Bancorp DE now owns 471,681 shares of the bank’s stock valued at $11,245,000 after purchasing an additional 130,892 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.