HDFC Bank Limited (NYSE:HDB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $110.00 target price on the bank’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.00% from the stock’s previous close.
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. “
Other research analysts also recently issued research reports about the company. BidaskClub downgraded HDFC Bank Limited from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC upgraded HDFC Bank Limited from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Morgan Stanley upgraded HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $110.00.
HDFC Bank Limited (NYSE HDB) traded down 0.38% during midday trading on Thursday, hitting $97.84. The stock had a trading volume of 460,074 shares. The stock’s 50-day moving average is $96.84 and its 200-day moving average is $86.54. HDFC Bank Limited has a 1-year low of $59.00 and a 1-year high of $100.26. The stock has a market capitalization of $501.44 billion, a PE ratio of 211.55 and a beta of 0.88.
Several hedge funds and other institutional investors have recently modified their holdings of HDB. Egerton Capital UK LLP purchased a new position in shares of HDFC Bank Limited during the 2nd quarter valued at $196,127,000. Harding Loevner LP lifted its position in shares of HDFC Bank Limited by 177.5% during the 2nd quarter. Harding Loevner LP now owns 3,508,003 shares of the bank’s stock valued at $305,091,000 after buying an additional 2,244,012 shares during the last quarter. BlackRock Inc. lifted its position in shares of HDFC Bank Limited by 105.1% during the 2nd quarter. BlackRock Inc. now owns 2,103,171 shares of the bank’s stock valued at $182,912,000 after buying an additional 1,077,828 shares during the last quarter. Aberdeen Asset Management PLC UK lifted its position in shares of HDFC Bank Limited by 170.0% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 1,357,680 shares of the bank’s stock valued at $118,078,000 after buying an additional 854,828 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of HDFC Bank Limited by 40.9% during the 1st quarter. Morgan Stanley now owns 2,742,394 shares of the bank’s stock valued at $206,283,000 after buying an additional 795,897 shares during the last quarter. 17.71% of the stock is currently 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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