ICICI Bank (NYSE:IBN) Stock Price Up 2.3% – Should You Buy?

ICICI Bank Limited (NYSE:IBN) shares rose 2.3% during trading on Friday . The stock traded as high as $31.39 and last traded at $31.34. Approximately 665,521 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 4,637,450 shares. The stock had previously closed at $30.64.

Analysts Set New Price Targets

Separately, StockNews.com upgraded ICICI Bank from a “sell” rating to a “hold” rating in a research note on Wednesday.

ICICI Bank Stock Performance

The company has a market capitalization of $110.73 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 1.53 and a beta of 1.01. 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 company has a 50 day moving average price of $28.62 and a 200 day moving average price of $29.60.

ICICI Bank (NYSE:IBN) last released its quarterly earnings results on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating 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.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $29,000. BOCHK Asset Management Ltd bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $42,000. Hobbs Group Advisors LLC bought a new position in shares of ICICI Bank during the 3rd quarter worth approximately $54,000. Murphy & Mullick Capital Management Corp bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $76,000. Finally, Ameliora Wealth Management Ltd. bought a new position in shares of ICICI Bank during the 4th quarter worth approximately $82,000. Institutional investors and hedge funds 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.