Zacks Investment Research upgraded shares of HDFC Bank Limited (NYSE:HDB) from a hold rating to a buy rating in a research report report published on Thursday. The firm currently has $110.00 price target 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. “
Other equities research analysts also recently issued reports about the stock. Jefferies Group LLC upgraded shares of HDFC Bank Limited from a hold rating to a buy rating in a research note on Tuesday, July 25th. BidaskClub upgraded shares of HDFC Bank Limited from a buy rating to a strong-buy rating in a research note on Monday, July 24th. Finally, Morgan Stanley upgraded shares of 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, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $110.00.
HDFC Bank Limited (HDB) traded down 0.598% during midday trading on Thursday, hitting $97.255. 232,061 shares of the company were exchanged. The firm’s 50-day moving average price is $96.84 and its 200-day moving average price is $86.54. The stock has a market capitalization of $498.44 billion, a PE ratio of 210.281 and a beta of 0.88. HDFC Bank Limited has a one year low of $59.00 and a one year high of $100.26.
Large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. boosted its position in HDFC Bank Limited by 1,011.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 143,400 shares of the bank’s stock worth $12,471,000 after buying an additional 130,500 shares during the period. Blair William & Co. IL boosted its position in HDFC Bank Limited by 73.8% during the 2nd quarter. Blair William & Co. IL now owns 12,486 shares of the bank’s stock worth $1,086,000 after buying an additional 5,300 shares during the period. Sawtooth Solutions LLC boosted its position in HDFC Bank Limited by 9.3% during the 2nd quarter. Sawtooth Solutions LLC now owns 15,348 shares of the bank’s stock worth $1,335,000 after buying an additional 1,302 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in HDFC Bank Limited during the 1st quarter worth approximately $415,000. Finally, Principal Financial Group Inc. boosted its position in HDFC Bank Limited by 4.6% during the 2nd quarter. Principal Financial Group Inc. now owns 577,877 shares of the bank’s stock worth $50,258,000 after buying an additional 25,265 shares during the period. Institutional investors and hedge funds 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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