Zacks Investment Research lowered shares of HDFC Bank Limited (NYSE:HDB) from a buy rating to a hold rating in a research report released on Wednesday 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. “

A number of other research firms have also recently issued reports on HDB. BidaskClub upgraded HDFC Bank Limited from a buy rating to a strong-buy rating in a report on Monday, July 24th. Morgan Stanley upgraded HDFC Bank Limited from an equal weight rating to an overweight rating in a report on Tuesday, July 25th. Finally, Jefferies Group LLC upgraded HDFC Bank Limited from a hold rating to a buy rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. HDFC Bank Limited presently has a consensus rating of Buy and a consensus target price of $110.00.

Shares of HDFC Bank Limited (NYSE HDB) opened at 97.23 on Wednesday. The firm has a market cap of $498.31 billion, a PE ratio of 210.45 and a beta of 0.88. HDFC Bank Limited has a 52-week low of $59.00 and a 52-week high of $100.26. The company’s 50-day moving average price is $96.84 and its 200-day moving average price is $86.54.

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A number of hedge funds have recently added to or reduced their stakes in HDB. Egerton Capital UK LLP bought a new position in HDFC Bank Limited during the 2nd quarter worth about $196,127,000. Harding Loevner LP grew its stake in shares of HDFC Bank Limited by 177.5% during the second quarter. Harding Loevner LP now owns 3,508,003 shares of the bank’s stock worth $305,091,000 after buying an additional 2,244,012 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in shares of HDFC Bank Limited by 77.6% during the first quarter. Artisan Partners Limited Partnership now owns 2,621,527 shares of the bank’s stock worth $197,191,000 after buying an additional 1,145,201 shares during the last quarter. BlackRock Inc. grew its stake in shares of HDFC Bank Limited by 105.1% during the second quarter. BlackRock Inc. now owns 2,103,171 shares of the bank’s stock worth $182,912,000 after buying an additional 1,077,828 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK grew its stake in shares of HDFC Bank Limited by 170.0% during the second quarter. Aberdeen Asset Management PLC UK now owns 1,357,680 shares of the bank’s stock worth $118,078,000 after buying an additional 854,828 shares during the last quarter. Hedge funds and other institutional investors own 17.71% of the company’s stock.

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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