HDFC Bank (HDB) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of HDFC Bank (NYSE:HDB) from a buy rating to a hold rating in a research report report published on Thursday.
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) traded down $0.50 during midday trading on Thursday, hitting $100.62. The company had a trading volume of 948,918 shares, compared to its average volume of 471,481. The company has a market capitalization of $85,947.80, a PE ratio of 37.83, a PEG ratio of 1.14 and a beta of 0.85. HDFC Bank has a 12 month low of $60.36 and a 12 month high of $102.77.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Counselors Inc. grew its stake in shares of HDFC Bank by 0.8% in the second quarter. Financial Counselors Inc. now owns 5,791 shares of the bank’s stock worth $504,000 after purchasing an additional 46 shares during the last quarter. Bahl & Gaynor Inc. grew its stake in shares of HDFC Bank by 1.1% in the second quarter. Bahl & Gaynor Inc. now owns 11,160 shares of the bank’s stock worth $677,000 after purchasing an additional 124 shares during the last quarter. ETRADE Capital Management LLC grew its stake in shares of HDFC Bank by 5.6% in the second quarter. ETRADE Capital Management LLC now owns 4,506 shares of the bank’s stock worth $392,000 after purchasing an additional 239 shares during the last quarter. Overbrook Management Corp grew its stake in shares of HDFC Bank by 11.4% in the second quarter. Overbrook Management Corp now owns 4,334 shares of the bank’s stock worth $377,000 after purchasing an additional 444 shares during the last quarter. Finally, Bamco Inc. NY lifted its holdings in HDFC Bank by 13.9% in the third quarter. Bamco Inc. NY now owns 4,883 shares of the bank’s stock worth $471,000 after buying an additional 595 shares during the period. 17.29% of the stock is currently owned by institutional investors.
TRADEMARK VIOLATION NOTICE: “HDFC Bank (HDB) Downgraded to Hold at Zacks Investment Research” was published by Watch List News and is owned by of Watch List News. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright legislation. The original version of this report can be accessed at https://www.watchlistnews.com/hdfc-bank-hdb-downgraded-to-hold-at-zacks-investment-research/1798035.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for HDFC Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HDFC Bank and related companies with MarketBeat.com's FREE daily email newsletter.