ICICI Bank Limited (NYSE:IBN – Get Free Report)’s share price gapped up before the market opened on Friday . The stock had previously closed at $30.78, but opened at $31.51. ICICI Bank shares last traded at $31.52, with a volume of 785,991 shares.
Wall Street Analysts Forecast Growth
Separately, StockNews.com raised shares of ICICI Bank from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th.
Get Our Latest Research Report on ICICI Bank
ICICI Bank Price Performance
ICICI Bank (NYSE:IBN – Get Free Report) last announced its quarterly earnings data on Saturday, July 27th. The bank reported $0.37 earnings per share (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 business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.05 billion. As a group, equities research analysts anticipate that ICICI Bank Limited will post 1.51 EPS for the current year.
ICICI Bank Increases Dividend
The company also recently declared 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 represents a yield of 0.4%. The ex-dividend date was Monday, August 12th. This is a boost from ICICI Bank’s previous annual dividend of $0.11. ICICI Bank’s payout ratio is 14.39%.
Hedge Funds Weigh In On ICICI Bank
A number of institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its holdings in ICICI Bank by 0.6% during the 2nd quarter. Fifth Third Bancorp now owns 65,137 shares of the bank’s stock worth $1,877,000 after buying an additional 361 shares during the last quarter. Continuum Advisory LLC lifted its stake in ICICI Bank by 0.6% during the second quarter. Continuum Advisory LLC now owns 71,452 shares of the bank’s stock worth $2,059,000 after purchasing an additional 438 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in ICICI Bank by 1.8% in the fourth quarter. Clearbridge Investments LLC now owns 26,912 shares of the bank’s stock valued at $642,000 after purchasing an additional 472 shares in the last quarter. RMR Wealth Builders increased its stake in ICICI Bank by 2.5% in the second quarter. RMR Wealth Builders now owns 20,588 shares of the bank’s stock valued at $593,000 after purchasing an additional 500 shares during the last quarter. Finally, CWM LLC increased its stake in ICICI Bank by 6.2% in the second quarter. CWM LLC now owns 8,951 shares of the bank’s stock valued at $258,000 after purchasing an additional 525 shares during the last quarter. Institutional investors and hedge funds own 18.18% of the company’s stock.
About ICICI Bank
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.
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