ICICI Bank Limited [IBN] Stock trading around $22.19 per share: What’s Next?

ICICI Bank Limited [NYSE: IBN] stock went on an upward path that rose over 1.00% on Tuesday, amounting to a one-week price decrease of less than -2.12%. 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.

Over the last 12 months, IBN stock rose by 20.34%. The one-year ICICI Bank Limited stock forecast points to a potential upside of 23.75. The average equity rating for IBN stock is currently 1.30, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $77.92 billion, with 3.48 billion shares outstanding and 3.39 billion shares in the current float. Compared to the average trading volume of 8.20M shares, IBN stock reached a trading volume of 5022485 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 0.37, with the Price to Sales ratio for IBN stock in the period of the last 12 months amounting to 6.19. The Price to Book ratio for the last quarter was 3.28, with the Price to Cash per share for the same quarter was set at 4.76.

IBN Stock Performance Analysis:

ICICI Bank Limited [IBN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.12. With this latest performance, IBN shares dropped by -2.38% in over the last four-week period, additionally plugging by 25.87% over the last 6 months – not to mention a rise of 20.34% 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 43.96, with the RSI for the last a single of trading hit 41.28, and the three-weeks RSI is set at 46.57 for ICICI Bank Limited [IBN]. The present Moving Average for the last 50 days of trading for this stock 22.44, while it was recorded at 22.02 for the last single week of trading, and 20.46 for the last 200 days.

IBN Stock EPS

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 Position Details

There are presently around $12,410 million, or 17.50% 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 $1.04 billion in IBN stocks shares; and HARDING LOEVNER LP, currently with $716.51 million in IBN stock with ownership of nearly -2.277% of the company’s market capitalization.

193 institutional holders increased their position in ICICI Bank Limited [NYSE:IBN] by around 83,913,100 shares. Additionally, 183 investors decreased positions by around 51,934,063 shares, while 56 investors held positions by with 423,402,252 shares. The mentioned changes placed institutional holdings at 559,249,415 shares, according to the latest SEC report filing. IBN stock had 43 new institutional investments in for a total of 18,600,322 shares, while 33 institutional investors sold positions of 9,215,900 shares during the same period.

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