Zacks Investment Research Downgrades HDFC Bank (HDB) to Hold
HDFC Bank (NYSE:HDB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Shares of HDFC Bank (NYSE HDB) opened at $103.73 on Wednesday. HDFC Bank has a 52 week low of $63.42 and a 52 week high of $104.59. The stock has a market capitalization of $78,380.00, a PE ratio of 85.02, a P/E/G ratio of 1.16 and a beta of 0.84.
A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can raised its stake in HDFC Bank by 41.1% in the 4th quarter. Bank of Montreal Can now owns 913,516 shares of the bank’s stock valued at $92,877,000 after acquiring an additional 266,214 shares during the period. Vontobel Asset Management Inc. raised its stake in HDFC Bank by 0.5% in the 4th quarter. Vontobel Asset Management Inc. now owns 2,140,936 shares of the bank’s stock valued at $239,025,000 after acquiring an additional 11,330 shares during the period. DnB Asset Management AS raised its stake in HDFC Bank by 10.6% in the 4th quarter. DnB Asset Management AS now owns 20,800 shares of the bank’s stock valued at $2,116,000 after acquiring an additional 2,000 shares during the period. Atlantic Trust Group LLC bought a new stake in HDFC Bank in the 3rd quarter valued at about $5,590,000. Finally, Parametric Portfolio Associates LLC raised its stake in HDFC Bank by 14.0% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 156,171 shares of the bank’s stock valued at $15,050,000 after acquiring an additional 19,168 shares during the period. Institutional investors and hedge funds own 17.36% of the company’s stock.
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About HDFC Bank
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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