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Could ICICI Bank Limited (IBN)’s Current Volatility Hinder Its Future Potential?

ICICI Bank Limited (NYSE:IBN) has a beta value of 1.00 and has seen 3.4 million shares traded in the recent trading session. The company, currently valued at $75.07B, closed the recent trade at $21.68 per share which meant it lost -$0.09 on the day or -0.39% during that session. The IBN stock price is -9.55% off its 52-week high price of $23.75 and 24.54% above the 52-week low of $16.36. If we look at the company’s 10-day average daily trading volume, we find that it stood at 7.14 million shares traded. The 3-month trading volume is 8.13 million shares.

The consensus among analysts is that ICICI Bank Limited (IBN) is a Buy stock at the moment, with a recommendation rating of 1.30. 0 analysts rate the stock as a Sell, while 1 rate it as Overweight. 1 out of 46 have rated it as a Hold, with 44 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.25.

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ICICI Bank Limited (NYSE:IBN) trade information

Sporting -0.39% in the red today, the stock has traded in the green over the last five days, with the highest price hit on Monday, 01/23/23 when the IBN stock price touched $21.68 or saw a rise of 0.5%. Year-to-date, ICICI Bank Limited shares have moved -0.55%, while the 5-day performance has seen it change 0.46%. Over the past 30 days, the shares of ICICI Bank Limited (NYSE:IBN) have changed -1.89%. Short interest in the company has seen 25.77 million shares shorted with days to cover at 3.42.

Wall Street analysts have a consensus price target for the stock at $27.28, which means that the shares’ value could jump 20.53% from the levels at last check today. The projected low price target is $24.28 while the price target rests at a high of $30.96. In that case, then, we find that the latest price level in today’s session is -42.8% off the targeted high while a plunge would see the stock gain -11.99% from the levels at last check today.

ICICI Bank Limited (IBN) estimates and forecasts

Figures show that ICICI Bank Limited shares have outperformed across the wider relevant industry. The company’s shares have gained 8.42% over the past 6 months, with this year growth rate of 20.22%, compared to 7.80% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 38.90% and 13.00% for the next quarter. Revenue growth from the last financial year stood is estimated to be -37.60%.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 17.50% over the past 5 years. Earnings growth for 2023 is a modest 32.10% while over the next 5 years, the company’s earnings are expected to increase by 21.30%.

IBN Dividends

ICICI Bank Limited is expected to release its next earnings report in February this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 0.13 at a share yield of 0.58%. The company’s dividend yield has gone up over the past 12 months.

ICICI Bank Limited (NYSE:IBN)’s Major holders

Insiders own 0.18% of the company shares, while shares held by institutions stand at 16.49% with a share float percentage of 16.52%. Investors are also buoyed by the number of investors in a company, with ICICI Bank Limited having a total of 585 institutions that hold shares in the company. The top two institutional holders are Morgan Stanley with over 63.15 million shares worth more than $1.12 billion. As of Jun 29, 2022, Morgan Stanley held 1.81% of shares outstanding.

The other major institutional holder is Harding Loevner LLC, with the holding of over 33.04 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $586.17 million and represent 0.95% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Goldman Sachs GQG Partners International Opportunities Fund and Harding, Loevner Funds, Inc-International Equity Portfolio. As of Jul 30, 2022, the former fund manager holds about 0.62% shares in the company for having 21.54 million shares of worth $447.64 million while later fund manager owns 17.61 million shares of worth $365.98 million as of Jul 30, 2022, which makes it owner of about 0.51% of company’s outstanding stock.

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