HDFC Bank Limited (NYSE:HDB) Plans Dividend Increase – $0.70 Per Share

HDFC Bank Limited (NYSE:HDB) declared an annual dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Thursday, May 9th will be given a dividend of 0.7008 per share by the bank on Wednesday, May 8th. This represents a dividend yield of 1%. The ex-dividend date of this dividend is Wednesday, May 8th. This is a positive change from HDFC Bank’s previous annual dividend of $0.59.

HDFC Bank has a payout ratio of 17.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect HDFC Bank to earn $3.62 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 18.8%.

HDFC Bank Price Performance

Shares of NYSE:HDB traded down $0.54 during trading on Friday, hitting $58.33. 357,614 shares of the stock were exchanged, compared to its average volume of 3,440,788. The company has a fifty day moving average price of $56.51 and a two-hundred day moving average price of $58.55. The company has a market cap of $108.49 billion, a PE ratio of 18.06, a P/E/G ratio of 1.09 and a beta of 0.85. The company has a current ratio of 0.40, a quick ratio of 0.52 and a debt-to-equity ratio of 1.78. HDFC Bank has a 12-month low of $52.16 and a 12-month high of $71.39.

Analysts Set New Price Targets

Separately, StockNews.com downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research report on Monday, April 22nd.

About HDFC Bank

HDFC Bank Limited provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in three segments: Wholesale Banking, Retail Banking, and Treasury Services. It accepts savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits.