HDFC Bank (NYSE:HDB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $113.00 target price on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.47% from the stock’s current price.

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 $100.47 on Tuesday. The firm has a market capitalization of $76,110.00, a P/E ratio of 81.68, a price-to-earnings-growth ratio of 1.14 and a beta of 0.84. HDFC Bank has a one year low of $60.36 and a one year high of $102.77.

A number of hedge funds have recently bought and sold shares of HDB. Pacad Investment Ltd. bought a new position in HDFC Bank in the second quarter valued at approximately $226,000. Private Advisor Group LLC grew its stake in HDFC Bank by 31.5% in the second quarter. Private Advisor Group LLC now owns 6,650 shares of the bank’s stock valued at $579,000 after purchasing an additional 1,594 shares in the last quarter. Franklin Resources Inc. grew its stake in HDFC Bank by 7.5% in the second quarter. Franklin Resources Inc. now owns 388,022 shares of the bank’s stock valued at $33,746,000 after purchasing an additional 26,933 shares in the last quarter. Wells Fargo & Company MN grew its stake in HDFC Bank by 0.9% in the second quarter. Wells Fargo & Company MN now owns 1,358,790 shares of the bank’s stock valued at $118,174,000 after purchasing an additional 12,615 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in HDFC Bank by 60.6% in the second quarter. Alliancebernstein L.P. now owns 342,231 shares of the bank’s stock valued at $29,764,000 after purchasing an additional 129,094 shares in the last quarter. Hedge funds and other institutional investors own 17.29% of the company’s stock.

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About HDFC Bank

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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