HDFC Bank Sees Unusually High Options Volume (NYSE:HDB)

HDFC Bank Limited (NYSE:HDB) saw some unusual options trading activity on Friday. Investors purchased 6,116 call options on the stock. This represents an increase of 531% compared to the typical volume of 970 call options.

Analysts Set New Price Targets

A number of brokerages have commented on HDB. The Goldman Sachs Group assumed coverage on HDFC Bank in a research report on Friday, August 21st. They issued a “buy” rating for the company. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research report on Saturday, October 24th. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. HSBC downgraded shares of HDFC Bank from a “buy” rating to a “hold” rating and decreased their price target for the company from $30.80 to $26.10 in a research note on Monday, August 31st. Finally, Weiss Ratings lowered HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 25th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $26.10.

HDFC Bank Stock Up 2.6%

Shares of HDB traded up $0.65 during trading hours on Friday, reaching $25.34. 2,032,639 shares of the company traded hands, compared to its average volume of 9,099,340. The stock has a market capitalization of $130.05 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.34 and a beta of 0.64. HDFC Bank has a 12-month low of $21.36 and a 12-month high of $37.35. The business has a fifty day moving average price of $22.71 and a 200-day moving average price of $25.70.

HDFC Bank (NYSE:HDB) last released its earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. The firm had revenue of $8.20 billion for the quarter, compared to the consensus estimate of $4.95 billion. As a group, research analysts predict that HDFC Bank will post 1.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Axiom Investment Management LLC acquired a new position in shares of HDFC Bank in the first quarter worth about $32,000. Integrated Wealth Concepts LLC purchased a new stake in shares of HDFC Bank during the 2nd quarter worth about $66,000. Boit C F David purchased a new stake in shares of HDFC Bank during the 3rd quarter worth about $69,000. Pinnacle Wealth Planning Services Inc. grew its position in shares of HDFC Bank by 33.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank’s stock valued at $85,000 after acquiring an additional 952 shares during the period. Finally, TD Waterhouse Canada Inc. grew its position in shares of HDFC Bank by 215.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock valued at $99,000 after acquiring an additional 2,642 shares during the period. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Company Profile

HDFC Bank Limited is an India-based banking and financial services company headquartered in Mumbai. Incorporated in 1994, it began banking operations in 1995 and serves individuals, businesses and institutions across India.

The bank offers savings and current accounts, deposits, loans, credit and debit cards, payment services, and digital banking. Its business also includes wholesale banking, treasury services and wealth management. In 2023, HDFC Limited, a housing finance company, merged with HDFC Bank, bringing its housing finance activities into the bank.

HDFC Bank primarily serves the Indian market and also maintains a limited international presence.