Bernstein lifts ICICI Bank Limited [IBN] price estimate. Who else is bullish?

ICICI Bank Limited [NYSE: IBN] surged by $0.03 during the normal trading session on Monday and reaching a high of $22.765 during the day while it closed the day at $22.76. The company report on August 19, 2022 that RBC and ICICI Bank Canada collaborate to create a seamless banking experience for newcomers to Canada.

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Collaboration agreement to focus on building banking solutions that simplify the financial transition for newcomers from the time they choose Canada to their arrival and beyond.

Royal Bank of Canada (RBC) and ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank, today announced a collaboration to bring integrated banking solutions to newcomers moving to Canada. With this arrangement, newcomers will benefit from the trust of the ICICI Bank brand, combined with RBC’s network, offerings and scale in Canada.

ICICI Bank Limited stock has also gained 1.38% of its value over the past 7 days. However, IBN stock has inclined by 4.93% in the 3 months of the year. Over the past six months meanwhile, it has gained 23.36% and gained 15.01% year-on date.

The market cap for IBN stock reached $78.80 billion, with 3.48 billion shares outstanding and 3.39 billion shares in the current float. Compared to the average trading volume of 8.24M shares, IBN reached a trading volume of 10499806 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about ICICI Bank Limited [IBN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IBN shares is $29.10 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IBN stock is a recommendation set at 1.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Bernstein have made an estimate for ICICI Bank Limited shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 14, 2020. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Overweight. The new note on the price target was released on January 16, 2018, representing the official price target for ICICI Bank Limited stock.

The Average True Range (ATR) for ICICI Bank Limited is set at 0.44, with the Price to Sales ratio for IBN stock in the period of the last 12 months amounting to 6.16. The Price to Book ratio for the last quarter was 3.31, with the Price to Cash per share for the same quarter was set at 4.91.

IBN stock trade performance evaluation

ICICI Bank Limited [IBN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.38. With this latest performance, IBN shares gained by 3.41% in over the last four-week period, additionally plugging by 23.36% over the last 6 months – not to mention a rise of 11.19% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IBN stock in for the last two-week period is set at 54.70, with the RSI for the last a single of trading hit 54.21, and the three-weeks RSI is set at 54.65 for ICICI Bank Limited [IBN]. The present Moving Average for the last 50 days of trading for this stock 22.09, while it was recorded at 22.81 for the last single week of trading, and 20.15 for the last 200 days.

Earnings per share (EPS) analysis for ICICI Bank Limited [IBN] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IBN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for ICICI Bank Limited go to 20.90%.

ICICI Bank Limited [IBN]: Insider Ownership positions

There are presently around $12,729 million, or 17.40% of IBN stock, in the hands of institutional investors. The top three institutional holders of IBN stocks are: GQG PARTNERS LLC with ownership of 50,245,400, which is approximately 77.252% of the company’s market cap and around 62.40% of the total institutional ownership; MORGAN STANLEY, holding 46,734,356 shares of the stock with an approximate value of $1.06 billion in IBN stocks shares; and HARDING LOEVNER LP, currently with $734.91 million in IBN stock with ownership of nearly -2.277% of the company’s market capitalization.

195 institutional holders increased their position in ICICI Bank Limited [NYSE:IBN] by around 83,951,311 shares. Additionally, 182 investors decreased positions by around 51,909,539 shares, while 56 investors held positions by with 423,426,776 shares. The mentioned changes placed institutional holdings at 559,287,626 shares, according to the latest SEC report filing. IBN stock had 45 new institutional investments in for a total of 18,638,533 shares, while 32 institutional investors sold positions of 9,191,376 shares during the same period.


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