HDFC Bank Limited (NYSE:HDB) saw unusually large options trading on Friday. Stock investors bought 608 put options on the company. This represents an increase of approximately 821% compared to the average volume of 66 put options.
Separately, Zacks Investment Research upgraded HDFC Bank from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Thursday, September 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $110.00.
A number of institutional investors have recently added to or reduced their stakes in HDB. First Interstate Bank bought a new position in HDFC Bank in the second quarter valued at about $103,000. Parallel Advisors LLC boosted its stake in shares of HDFC Bank by 14.8% during the second quarter. Parallel Advisors LLC now owns 1,469 shares of the bank’s stock valued at $142,000 after purchasing an additional 189 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of HDFC Bank during the second quarter valued at about $217,000. Park Avenue Securities LLC acquired a new stake in shares of HDFC Bank during the third quarter valued at about $224,000. Finally, Pacad Investment Ltd. acquired a new stake in shares of HDFC Bank during the second quarter valued at about $226,000. Hedge funds and other institutional investors own 17.29% of the company’s stock.
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About HDFC Bank
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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