HDFC Bank (NYSE:HDB) Stock Rating Upgraded by Wall Street Zen

HDFC Bank (NYSE:HDB) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently issued reports on HDB. The Goldman Sachs Group assumed coverage on shares of HDFC Bank in a research report on Friday, August 21st. They set a “buy” rating for the company. HSBC lowered shares of HDFC Bank from a “buy” rating to a “hold” rating and lowered their price target for the company from $30.80 to $26.10 in a research report on Monday, August 31st. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Weiss Ratings cut shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.10.

HDFC Bank Stock Performance

HDFC Bank stock opened at $22.05 on Friday. The firm has a market capitalization of $113.17 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.22 and a beta of 0.61. HDFC Bank has a fifty-two week low of $21.70 and a fifty-two week high of $37.35. The stock’s fifty day moving average is $22.85 and its two-hundred day moving average is $24.18.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to analysts’ expectations of $4.95 billion. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. As a group, sell-side analysts forecast that HDFC Bank will post 1.65 EPS for the current fiscal year.

Institutional Trading of HDFC Bank

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in HDFC Bank by 6.3% in the 1st quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank’s stock valued at $1,055,372,000 after purchasing an additional 2,520,716 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of HDFC Bank by 16,808.5% during the 1st quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank’s stock worth $447,289,000 after purchasing an additional 17,871,520 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of HDFC Bank by 13.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 16,611,473 shares of the bank’s stock worth $371,100,000 after purchasing an additional 1,918,221 shares during the last quarter. Temasek Holdings Private Ltd boosted its stake in shares of HDFC Bank by 15.5% during the 1st quarter. Temasek Holdings Private Ltd now owns 12,559,656 shares of the bank’s stock worth $312,484,000 after purchasing an additional 1,686,276 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of HDFC Bank by 40.7% during the 1st quarter. Bank of America Corp DE now owns 10,549,235 shares of the bank’s stock worth $262,465,000 after purchasing an additional 3,051,055 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

HDFC Bank Company Profile

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.