Zacks Investment Research Lowers HDFC Bank Limited (HDB) to Sell

Zacks Investment Research cut shares of HDFC Bank Limited (NYSE:HDB) from a hold rating to a sell rating in a research note published on Wednesday.

According to Zacks, “HDFC BANK’s mission is to be a World Class Indian Bank. The Bank’s aim is to build a sound customer franchise across distinct businesses so as to be the preferred provider of banking services in the niche segments that the bank operates in and to achieve healthy growth in profitability, consistent with the bank’s risk appetite. The bank aims to ensure the highest level of ethical standards, professional integrity and regulatory compliance. HDFC Bank’s business philosophy is based on four core values: Operational Excellence, Customer Focus, Product Leadership and People. “

Several other analysts have also recently commented on the stock. BidaskClub upgraded shares of HDFC Bank Limited from a buy rating to a strong-buy rating in a research note on Monday, July 24th. Jefferies Group LLC upgraded shares of HDFC Bank Limited from a hold rating to a buy rating in a research note on Tuesday, July 25th. Finally, Morgan Stanley upgraded shares of HDFC Bank Limited from an equal weight rating to an overweight rating in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. HDFC Bank Limited has an average rating of Buy and a consensus target price of $110.00.

Shares of HDFC Bank Limited (NYSE:HDB) opened at $94.21 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $81.11 billion, a P/E ratio of 35.70, a PEG ratio of 1.08 and a beta of 0.83.

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Several institutional investors and hedge funds have recently bought and sold shares of HDB. Egerton Capital UK LLP acquired a new position in shares of HDFC Bank Limited in the 2nd quarter valued at $196,127,000. Harding Loevner LP lifted its stake in shares of HDFC Bank Limited by 177.5% in the 2nd quarter. Harding Loevner LP now owns 3,508,003 shares of the bank’s stock valued at $305,091,000 after purchasing an additional 2,244,012 shares during the period. BlackRock Inc. increased its holdings in HDFC Bank Limited by 105.1% in the 2nd quarter. BlackRock Inc. now owns 2,103,171 shares of the bank’s stock worth $182,912,000 after acquiring an additional 1,077,828 shares in the last quarter. Aberdeen Asset Management PLC UK increased its holdings in HDFC Bank Limited by 170.0% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 1,357,680 shares of the bank’s stock worth $118,078,000 after acquiring an additional 854,828 shares in the last quarter. Finally, FMR LLC increased its holdings in HDFC Bank Limited by 4.1% in the 2nd quarter. FMR LLC now owns 14,824,081 shares of the bank’s stock worth $1,289,251,000 after acquiring an additional 589,126 shares in the last quarter. Hedge funds and other institutional investors own 17.79% of the company’s stock.

HDFC Bank Limited Company Profile

HDFC Bank Limited (the Bank) is a holding company. The Bank offers a range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. It also offers financial services. The Bank’s segments include Treasury, Retail banking, Wholesale banking and Other banking business.

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