ICICI Bank Limited (NYSE:IBN – Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.41 and traded as high as $29.40. ICICI Bank shares last traded at $29.36, with a volume of 4,638,201 shares trading hands.
Analysts Set New Price Targets
Several research analysts have issued reports on IBN shares. Wall Street Zen upgraded shares of ICICI Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Zacks Research lowered ICICI Bank from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 15th. Finally, Weiss Ratings lowered ICICI Bank from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ICICI Bank has a consensus rating of “Reduce”.
Check Out Our Latest Analysis on ICICI Bank
ICICI Bank Trading Down 0.3%
Insider Activity
In other ICICI Bank news, Director Rakesh Jha sold 90,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $14.94, for a total value of $1,344,600.00. Following the completion of the transaction, the director owned 140,750 shares of the company’s stock, valued at $2,102,805. This represents a 39.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sandeep Bakhshi sold 24,999 shares of the stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $14.95, for a total transaction of $373,735.05. Following the completion of the transaction, the chief executive officer owned 1,071,301 shares of the company’s stock, valued at approximately $16,015,949.95. This represents a 2.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 159,999 shares of company stock worth $2,370,385 over the last 90 days.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of IBN. NewEdge Advisors LLC increased its stake in shares of ICICI Bank by 5.4% in the 1st quarter. NewEdge Advisors LLC now owns 13,463 shares of the bank’s stock valued at $424,000 after buying an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of ICICI Bank by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,146 shares of the bank’s stock valued at $72,000 after buying an additional 625 shares during the period. Cresset Asset Management LLC increased its holdings in shares of ICICI Bank by 45.8% in the second quarter. Cresset Asset Management LLC now owns 18,205 shares of the bank’s stock worth $612,000 after acquiring an additional 5,717 shares in the last quarter. Flow Traders U.S. LLC acquired a new stake in ICICI Bank during the 2nd quarter worth approximately $221,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of ICICI Bank during the second quarter worth $75,000. 18.18% of the stock is owned by institutional investors and hedge funds.
About ICICI Bank
ICICI Bank Limited is an Indian multinational banking and financial services company that provides a broad range of products and services to retail, corporate and institutional customers. The bank traces its origins to the Industrial Credit and Investment Corporation of India, founded in 1955, and was converted into a commercial bank during the 1990s as part of its evolution into a full-service financial institution. It is one of India’s largest private-sector banks and is listed in the United States as an American depositary receipt under the ticker IBN.
The bank’s core activities include retail banking (deposit accounts, consumer loans, mortgages, credit cards and payments), corporate and commercial banking (working capital, term lending, trade finance and cash management), and treasury operations.
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