Stocks of ICICI Bank Limited (IBN) are poised to climb above their peers

ICICI Bank Limited (NYSE: IBN) stock fell -0.24% on Friday to $20.68 against a previous-day closing price of $20.73. With 4.31 million shares changed hands, the volume of the stock remained lighter than its average volume of 7.52 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $20.83 whereas the lowest price it dropped to was $20.66. The 52-week range on IBN shows that it touched its highest point at $22.34 and its lowest point at $16.36 during that stretch. It currently has a 1-year price target of $27.03. With its current market cap of 70.63 billion, IBN has annualized dividend of $0.13 while the current yield stands at 0.61%. Beta for the stock currently stands at 1.07.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of IBN was up-trending over the past week, with a rise of 4.08%, but this was up by 15.27% over a month. Three-month performance surged to 7.76% while six-month performance fell -4.83%. The stock gained 12.33% in the past year, while it has gained 4.50% so far this year. A look at the trailing 12-month EPS for IBN yields 0.98 with Next year EPS estimates of 1.06. For the next quarter, that number is 0.23. This implies an EPS growth rate of 63.70% for this year and 20.50% for next year.

Float and Shares Shorts:

At present, 3.48 billion IBN shares are outstanding with a float of 3.39 billion shares on hand for trading. On Jul 14, 2022, short shares totaled 21.97 million, which was 0.63% higher than short shares on Jun 14, 2022. In addition to Mr. Sandeep Bakhshi B.E. as the firm’s MD, CEO & Exec. Director, Mr. Sandeep Batra A.C.S., B.Com, B.Com., CA, CS, F.C.A. serves as its Pres & Exec. Director.

Institutional Ownership:

Through their ownership of 18.95% of IBN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 7.04% of IBN, in contrast to 11.34% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in IBN with 1.43% of the stake, Morgan Stanley Investment Managem holds 49,665,469 shares worth 49,665,469. A second-largest stockholder of IBN, Harding Loevner LP, holds 33,726,971 shares, controlling over 0.97% of the firm’s shares. Morgan Stanley & Co. Internationa is the third largest shareholder in IBN, holding 33,515,476 shares or 0.96% stake. With a 0.57% stake in IBN, the Morgan Stanley Invt. Fds. – Asia is the largest stakeholder. A total of 19,943,159 shares are owned by the mutual fund manager. The Harding Loevner International Equ, which owns about 0.51% of IBN stock, is the second-largest Mutual Fund holder. It holds 17,733,623 shares valued at 314.59 million. Goldman Sachs GQG Partners Intern holds 0.36% of the stake in IBN, owning 12,572,387 shares worth 223.03 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. It generated $73.85B net income for the quarter, which came to $277.32B over the last twelve months.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for IBN since 47 analysts follow the stock currently. There are 45 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 2 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With IBN analysts setting a high price target of $27.97 and a low target of $22.32, the average target price over the next 12 months is $25.10. Based on these targets, IBN could surge 35.25% to reach the target high and rise by 7.93% to reach the target low. Reaching the average price target will result in a growth of 21.37% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. IBN will report FY 2023 earnings on 05/08/2023. Analysts have provided yearly estimates in a range of $1.12 being high and $0.96 being low. For IBN, this leads to a yearly average estimate of $1.04. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. ICICI Bank Limited surprised analysts by $0.01 when it reported $0.25 EPS against a consensus estimate of $0.24. The surprise factor in the prior quarter was $0.02. Based on analyst estimates, the high estimate for the next quarter is $0.27 and the low estimate is $0.26. The average estimate for the next quarter is thus $0.26.

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