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

ICICI Bank Limited (NYSE:IBN) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 30,100,000 shares, a drop of 7.6% from the October 31st total of 32,590,000 shares. Based on an average trading volume of 5,430,000 shares, the days-to-cover ratio is currently 5.5 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised ICICI Bank from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th.

ICICI Bank Price Performance

IBN opened at $30.92 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.74. The company’s 50-day moving average price is $30.04 and its 200 day moving average price is $28.98. ICICI Bank has a fifty-two week low of $23.16 and a fifty-two week high of $31.60. The firm has a market cap of $109.08 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 2.04 and a beta of 1.00.

Institutional Investors Weigh In On ICICI Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC increased its holdings in shares of ICICI Bank by 620.0% in the 3rd quarter. Asset Dedication LLC now owns 1,008 shares of the bank’s stock worth $30,000 after acquiring an additional 868 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of ICICI Bank in the third quarter valued at approximately $50,000. Tsfg LLC bought a new stake in shares of ICICI Bank during the third quarter valued at approximately $53,000. Hobbs Group Advisors LLC acquired a new position in shares of ICICI Bank during the third quarter worth approximately $54,000. Finally, JFS Wealth Advisors LLC grew its holdings in ICICI Bank by 22.4% in the 3rd quarter. JFS Wealth Advisors LLC now owns 2,875 shares of the bank’s stock worth $86,000 after buying an additional 526 shares in the last quarter. 18.18% of the stock is currently owned by 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.