HDFC Bank (HDB) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of HDFC Bank (NYSE:HDB) from a buy rating to a hold rating in a research report released on Thursday morning.

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. “

HDFC Bank (HDB) traded down $0.22 during trading on Thursday, hitting $101.12. The stock had a trading volume of 411,000 shares, compared to its average volume of 443,600. The firm has a market cap of $75,700.00, a PE ratio of 82.21, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. HDFC Bank has a 52-week low of $59.22 and a 52-week high of $102.77.

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP acquired a new stake in shares of HDFC Bank in the 2nd quarter worth $217,000. Park Avenue Securities LLC acquired a new stake in shares of HDFC Bank in the 3rd quarter worth $224,000. Veritable L.P. acquired a new stake in shares of HDFC Bank in the 2nd quarter worth $226,000. Pacad Investment Ltd. acquired a new stake in shares of HDFC Bank in the 2nd quarter worth $226,000. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of HDFC Bank in the 2nd quarter worth $226,000. 17.29% of the stock is owned by hedge funds and other institutional investors.

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HDFC Bank 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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