HDFC Bank (NYSE:HDB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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. “
Separately, ValuEngine downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd.
A number of institutional investors and hedge funds have recently made changes to their positions in HDB. Millennium Management LLC purchased a new position in HDFC Bank during the first quarter valued at approximately $373,000. Eqis Capital Management Inc. grew its position in HDFC Bank by 22.4% during the second quarter. Eqis Capital Management Inc. now owns 5,069 shares of the bank’s stock valued at $532,000 after purchasing an additional 928 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in HDFC Bank by 33.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 19,678 shares of the bank’s stock valued at $2,067,000 after purchasing an additional 4,983 shares in the last quarter. TD Asset Management Inc. grew its position in HDFC Bank by 155.3% during the second quarter. TD Asset Management Inc. now owns 14,716 shares of the bank’s stock valued at $1,545,000 after purchasing an additional 8,951 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in HDFC Bank by 8.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 368,741 shares of the bank’s stock valued at $38,725,000 after purchasing an additional 29,043 shares in the last quarter. 17.68% of the stock is currently owned by hedge funds and other institutional investors.
HDFC Bank Company Profile
HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.
See Also: Retained Earnings
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