ICICI Bank (NYSE:IBN) Shares Gap Up - Here's Why

ICICI Bank Limited (NYSE:IBN - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $29.48, but opened at $30.68. ICICI Bank shares last traded at $30.85, with a volume of 1,555,790 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of ICICI Bank from a "sell" rating to a "hold" rating in a research report on Thursday, September 5th.

ICICI Bank Trading Up 5.6 %

The business's fifty day moving average is $29.49 and its two-hundred day moving average is $28.26. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.72. The firm has a market cap of $109.69 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 2.17 and a beta of 1.02.

ICICI Bank (NYSE:IBN - Get Free Report) last released its earnings results on Saturday, July 27th. The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. ICICI Bank had a return on equity of 16.17% and a net margin of 24.44%. The company had revenue of $3.18 billion during the quarter, compared to analysts' expectations of $3.05 billion. Equities analysts anticipate that ICICI Bank Limited will post 1.51 earnings per share for the current fiscal year.

ICICI Bank Increases Dividend

The company 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. This is a boost from ICICI Bank's previous annual dividend of $0.11. This represents a yield of 0.4%. The ex-dividend date was Monday, August 12th. ICICI Bank's payout ratio is currently 13.99%.

Institutional Investors Weigh In On ICICI Bank

Several institutional investors have recently modified their holdings of IBN. US Bancorp DE boosted its stake in ICICI Bank by 7.2% in the third quarter. US Bancorp DE now owns 510,212 shares of the bank's stock valued at $15,230,000 after acquiring an additional 34,159 shares during the last quarter. JFS Wealth Advisors LLC increased its stake in ICICI Bank by 22.4% in the third quarter. JFS Wealth Advisors LLC now owns 2,875 shares of the bank's stock valued at $86,000 after purchasing an additional 526 shares in the last quarter. abrdn plc raised its holdings in ICICI Bank by 43.5% in the third quarter. abrdn plc now owns 115,477 shares of the bank's stock worth $3,451,000 after purchasing an additional 34,984 shares during the period. Autumn Glory Partners LLC acquired a new position in shares of ICICI Bank in the 3rd quarter valued at $352,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of ICICI Bank by 15.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 38,223 shares of the bank's stock valued at $1,141,000 after buying an additional 5,174 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.