ICICI Bank (NYSE:IBN) Reaches New 52-Week High – Here’s Why

Shares of ICICI Bank Limited (NYSE:IBN) reached a new 52-week high on Tuesday . The company traded as high as $31.60 and last traded at $31.28, with a volume of 871728 shares traded. The stock had previously closed at $31.15.

Wall Street Analysts Forecast Growth

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

ICICI Bank Trading Up 0.1 %

The stock’s 50-day moving average price is $29.69 and its 200 day moving average price is $28.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $110.25 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 2.17 and a beta of 1.02.

ICICI Bank Increases Dividend

The company also recently announced an annual dividend, which was paid on Monday, August 12th. Shareholders of record on Friday, January 1st were given a dividend of $0.2028 per share. The ex-dividend date of this dividend was Monday, August 12th. This is a positive change from ICICI Bank’s previous annual dividend of $0.11. This represents a yield of 0.4%. ICICI Bank’s payout ratio is 13.61%.

Hedge Funds Weigh In On ICICI Bank

Several institutional investors have recently made changes to their positions in IBN. Capital International Investors increased its position in ICICI Bank by 11.5% during the 1st quarter. Capital International Investors now owns 20,827,332 shares of the bank’s stock valued at $550,050,000 after purchasing an additional 2,155,477 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of ICICI Bank by 0.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 15,259,276 shares of the bank’s stock valued at $455,489,000 after purchasing an additional 81,104 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in ICICI Bank by 3.7% during the second quarter. Dimensional Fund Advisors LP now owns 12,253,715 shares of the bank’s stock valued at $353,065,000 after buying an additional 441,155 shares during the period. Hsbc Holdings PLC raised its stake in ICICI Bank by 16.8% in the second quarter. Hsbc Holdings PLC now owns 8,191,311 shares of the bank’s stock worth $236,082,000 after buying an additional 1,180,981 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its position in ICICI Bank by 8.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,364,221 shares of the bank’s stock valued at $183,353,000 after acquiring an additional 490,892 shares in the last quarter. Hedge funds and other institutional investors 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.