HDFC Bank (HDB) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of HDFC Bank (NYSE:HDB) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $113.00 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. “

HDFC Bank (NYSE:HDB) opened at $102.43 on Tuesday. The stock has a market cap of $86,571.34, a PE ratio of 38.51, a P/E/G ratio of 1.15 and a beta of 0.85. HDFC Bank has a one year low of $63.37 and a one year high of $102.77.

A number of institutional investors have recently made changes to their positions in HDB. Harding Loevner LP boosted its stake in HDFC Bank by 2,141.9% in the 3rd quarter. Harding Loevner LP now owns 78,647,160 shares of the bank’s stock worth $248,755,000 after purchasing an additional 75,139,157 shares in the last quarter. BlackRock Inc. boosted its stake in HDFC Bank by 105.1% in the 2nd quarter. BlackRock Inc. now owns 2,103,171 shares of the bank’s stock worth $182,912,000 after purchasing an additional 1,077,828 shares in the last quarter. FMR LLC boosted its stake in HDFC Bank by 4.1% in the 2nd quarter. FMR LLC now owns 14,824,081 shares of the bank’s stock worth $1,289,251,000 after purchasing an additional 589,126 shares in the last quarter. Baillie Gifford & Co. boosted its stake in HDFC Bank by 64.6% in the 3rd quarter. Baillie Gifford & Co. now owns 1,461,230 shares of the bank’s stock worth $140,818,000 after purchasing an additional 573,395 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in HDFC Bank by 19.6% in the 3rd quarter. Artisan Partners Limited Partnership now owns 3,350,974 shares of the bank’s stock worth $322,933,000 after purchasing an additional 548,882 shares in the last quarter. Institutional investors own 17.29% of the company’s stock.

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HDFC Bank 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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