HDFC Bank (HDB) Rating Lowered to Hold at Zacks Investment Research

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

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. “

Shares of HDFC Bank (NYSE HDB) traded up $0.35 during trading hours on Wednesday, hitting $101.35. 430,027 shares of the stock traded hands, compared to its average volume of 531,856. HDFC Bank has a 52-week low of $62.49 and a 52-week high of $102.77. The company has a market cap of $76,090.00, a PE ratio of 83.07, a PEG ratio of 1.14 and a beta of 0.84.

Large investors have recently modified their holdings of the company. Financial Counselors Inc. raised its stake in HDFC Bank by 0.8% during the 2nd quarter. Financial Counselors Inc. now owns 5,791 shares of the bank’s stock worth $504,000 after acquiring an additional 46 shares during the period. Bahl & Gaynor Inc. raised its stake in HDFC Bank by 1.1% during the 2nd quarter. Bahl & Gaynor Inc. now owns 11,160 shares of the bank’s stock worth $677,000 after acquiring an additional 124 shares during the period. ETRADE Capital Management LLC raised its stake in HDFC Bank by 5.6% during the 2nd quarter. ETRADE Capital Management LLC now owns 4,506 shares of the bank’s stock worth $392,000 after acquiring an additional 239 shares during the period. Overbrook Management Corp raised its stake in HDFC Bank by 11.4% during the 2nd quarter. Overbrook Management Corp now owns 4,334 shares of the bank’s stock worth $377,000 after acquiring an additional 444 shares during the period. Finally, Bamco Inc. NY raised its stake in HDFC Bank by 13.9% during the 3rd quarter. Bamco Inc. NY now owns 4,883 shares of the bank’s stock worth $471,000 after acquiring an additional 595 shares during the period. Hedge funds and other institutional investors own 17.29% of the company’s stock.

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HDFC Bank 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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