HDFC Bank (NYSE:HDB) Stock Rating Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of HDFC Bank (NYSE:HDB) from a sell rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

A number of other equities analysts have also commented on HDB. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. HSBC downgraded HDFC Bank from a “buy” rating to a “hold” rating and lowered their target price for the company from $30.80 to $26.10 in a research note on Monday, August 31st. Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Finally, The Goldman Sachs Group began coverage on HDFC Bank in a research note on Friday, August 21st. They set a “buy” rating for the company. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, HDFC Bank currently has an average rating of “Hold” and a consensus price target of $26.10.

HDFC Bank Trading Down 1.7%

NYSE HDB opened at $22.05 on Friday. The company’s fifty day simple moving average is $22.85 and its 200-day simple moving average is $24.19. HDFC Bank has a 52 week low of $21.70 and a 52 week high of $37.35. The stock has a market cap of $113.17 billion, a P/E ratio of 12.60, a PEG ratio of 1.23 and a beta of 0.61.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $4.95 billion. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. On average, research analysts expect that HDFC Bank will post 1.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HDB. Prime Capital Investment Advisors LLC raised its position in shares of HDFC Bank by 1.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 38,747 shares of the bank’s stock valued at $866,000 after acquiring an additional 630 shares in the last quarter. Summitry LLC lifted its stake in HDFC Bank by 4.1% during the first quarter. Summitry LLC now owns 21,195 shares of the bank’s stock worth $527,000 after purchasing an additional 842 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in HDFC Bank by 0.5% during the third quarter. Vontobel Holding Ltd. now owns 232,512 shares of the bank’s stock worth $5,194,000 after purchasing an additional 1,088 shares during the last quarter. InTrack Investment Management Inc boosted its holdings in HDFC Bank by 5.1% in the second quarter. InTrack Investment Management Inc now owns 25,172 shares of the bank’s stock worth $650,000 after purchasing an additional 1,211 shares during the period. Finally, Axiom Investment Management LLC acquired a new position in HDFC Bank in the first quarter worth $32,000. Institutional investors and hedge funds own 17.61% of the company’s stock.

About HDFC Bank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.