HDFC Bank Limited (HDB) Cut to Hold at Zacks Investment Research
HDFC Bank Limited (NYSE:HDB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 research analysts have also recently commented on the company. Jefferies Group LLC raised HDFC Bank Limited from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Morgan Stanley raised HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 25th. Finally, BidaskClub raised HDFC Bank Limited from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $108.00.
Shares of HDFC Bank Limited (HDB) traded up 0.34% during mid-day trading on Tuesday, hitting $99.29. 606,086 shares of the company’s stock were exchanged. The company has a market capitalization of $508.87 billion, a price-to-earnings ratio of 216.08 and a beta of 0.88. The firm has a 50 day moving average price of $96.23 and a 200-day moving average price of $85.34. HDFC Bank Limited has a 52 week low of $59.00 and a 52 week high of $100.04.
A number of hedge funds have recently modified their holdings of the stock. Intl Fcstone Inc. bought a new position in HDFC Bank Limited in the second quarter worth $293,000. Verition Fund Management LLC bought a new position in HDFC Bank Limited in the second quarter worth $923,000. Coldstream Capital Management Inc. bought a new position in HDFC Bank Limited in the second quarter worth $466,000. Bluefin Trading LLC bought a new position in HDFC Bank Limited in the second quarter worth $1,365,000. Finally, Maverick Capital Ltd. bought a new position in HDFC Bank Limited in the second quarter worth $2,385,000. 17.72% of the stock is owned by hedge funds and other institutional investors.
HDFC Bank Limited 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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