HDFC Bank (NYSE:HDB) Rating Increased to Hold at Zacks Investment Research

HDFC Bank (NYSE:HDB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

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 equities research analysts have also weighed in on HDB. Nomura lowered HDFC Bank from a “buy” rating to a “neutral” rating and set a $128.63 target price on the stock. in a research report on Tuesday, June 11th. Sanford C. Bernstein lowered HDFC Bank from an “outperform” rating to a “market perform” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. HDFC Bank has an average rating of “Hold” and a consensus price target of $136.82.

Shares of HDB traded up $9.63 during midday trading on Friday, hitting $112.18. The company had a trading volume of 3,095,537 shares, compared to its average volume of 769,138. The company’s 50-day simple moving average is $108.23 and its 200-day simple moving average is $116.40. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $102.45 billion, a P/E ratio of 33.79, a P/E/G ratio of 1.17 and a beta of 0.45. HDFC Bank has a 1 year low of $85.43 and a 1 year high of $131.78.

HDFC Bank (NYSE:HDB) last issued its earnings results on Saturday, July 20th. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.03). HDFC Bank had a return on equity of 13.23% and a net margin of 17.98%. The business had revenue of $4.65 billion for the quarter. Equities analysts predict that HDFC Bank will post 3.97 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of HDB. American Beacon Advisors Inc. increased its position in HDFC Bank by 67.8% during the first quarter. American Beacon Advisors Inc. now owns 292 shares of the bank’s stock worth $34,000 after buying an additional 118 shares during the period. Nkcfo LLC acquired a new position in HDFC Bank during the second quarter worth approximately $39,000. Manchester Financial Inc. acquired a new position in HDFC Bank during the second quarter worth approximately $51,000. Cubist Systematic Strategies LLC acquired a new position in HDFC Bank during the second quarter worth approximately $52,000. Finally, Advisors Preferred LLC acquired a new position in HDFC Bank during the second quarter worth approximately $53,000. 19.35% of the stock is currently owned by institutional investors and hedge funds.

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.

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