Zacks Investment Research upgraded shares of HDFC Bank Limited (NYSE:HDB) from a hold rating to a buy rating in a research note published on Friday. The brokerage currently has $108.00 price objective on the bank’s stock.
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. “
HDB has been the subject of a number of other research reports. BidaskClub downgraded HDFC Bank Limited from a strong-buy rating to a buy rating in a research report on Saturday, June 24th. Jefferies Group LLC upgraded HDFC Bank Limited from a hold rating to a buy rating in a research report on Tuesday, July 25th. Finally, Morgan Stanley upgraded HDFC Bank Limited from an equal weight rating to an overweight rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. HDFC Bank Limited currently has a consensus rating of Buy and an average target price of $108.00.
Shares of HDFC Bank Limited (HDB) traded down 0.18% during mid-day trading on Friday, reaching $95.90. 389,200 shares of the company’s stock were exchanged. HDFC Bank Limited has a 52-week low of $59.00 and a 52-week high of $99.77. The stock has a market cap of $491.50 billion, a price-to-earnings ratio of 207.58 and a beta of 0.87. The stock’s 50-day moving average is $94.30 and its 200-day moving average is $83.35.
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The company also recently announced a None dividend, which was paid on Thursday, August 3rd. Investors of record on Thursday, June 29th were given a $0.494 dividend. The ex-dividend date of this dividend was Tuesday, June 27th. HDFC Bank Limited’s payout ratio is 18.42%.
Institutional investors have recently made changes to their positions in the company. First Interstate Bank bought a new position in shares of HDFC Bank Limited during the second quarter worth approximately $103,000. Parallel Advisors LLC boosted its position in shares of HDFC Bank Limited by 17.1% in the first quarter. Parallel Advisors LLC now owns 1,280 shares of the bank’s stock worth $104,000 after buying an additional 187 shares during the period. Creative Planning boosted its position in shares of HDFC Bank Limited by 6.3% in the first quarter. Creative Planning now owns 1,700 shares of the bank’s stock worth $128,000 after buying an additional 100 shares during the period. Independent Portfolio Consultants Inc. boosted its position in shares of HDFC Bank Limited by 744.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,689 shares of the bank’s stock worth $147,000 after buying an additional 1,489 shares during the period. Finally, Huntington National Bank boosted its position in shares of HDFC Bank Limited by 4.9% in the second quarter. Huntington National Bank now owns 1,730 shares of the bank’s stock worth $150,000 after buying an additional 81 shares during the period. 18.72% of the stock is currently owned by institutional investors and hedge funds.
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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