ICICI Bank Limited (NYSE:IBN) Sees Significant Drop in Short Interest

ICICI Bank Limited (NYSE:IBN) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 22,430,000 shares, a decrease of 9.8% from the January 15th total of 24,860,000 shares. Based on an average daily volume of 3,990,000 shares, the short-interest ratio is currently 5.6 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded ICICI Bank from a “hold” rating to a “sell” rating in a research report on Monday, February 3rd.

ICICI Bank Price Performance

ICICI Bank stock opened at $28.30 on Wednesday. The company’s 50 day simple moving average is $29.37 and its 200-day simple moving average is $29.55. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.01 and a current ratio of 1.01. ICICI Bank has a 1 year low of $25.08 and a 1 year high of $32.14. The company has a market capitalization of $99.88 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.55 and a beta of 0.98.

ICICI Bank (NYSE:IBN) last announced its earnings results on Saturday, January 25th. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. ICICI Bank had a return on equity of 15.61% and a net margin of 24.40%. As a group, equities research analysts expect that ICICI Bank will post 1.54 earnings per share for the current year.

Hedge Funds Weigh In On ICICI Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new stake in shares of ICICI Bank during the fourth quarter worth about $29,000. BOCHK Asset Management Ltd acquired a new stake in ICICI Bank during the 4th quarter worth approximately $42,000. Hobbs Group Advisors LLC purchased a new position in ICICI Bank in the 3rd quarter valued at approximately $54,000. Murphy & Mullick Capital Management Corp purchased a new position in ICICI Bank in the 4th quarter valued at approximately $76,000. Finally, Ameliora Wealth Management Ltd. acquired a new position in shares of ICICI Bank in the fourth quarter worth $82,000. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

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.