Zacks Investment Research upgraded shares of HDFC Bank (NYSE:HDB) from a hold rating to a buy rating in a research note issued to investors on Friday morning, Zacks.com reports. They currently have $54.00 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. “
Separately, TheStreet cut shares of HDFC Bank from a b- rating to a c+ rating in a research note on Tuesday, March 31st. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $54.00.
Shares of HDFC Bank stock opened at $48.39 on Friday. The firm’s fifty day simple moving average is $43.92 and its 200-day simple moving average is $48.58. The stock has a market capitalization of $87.85 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 1.33 and a beta of 0.82. HDFC Bank has a 12 month low of $29.50 and a 12 month high of $65.38.
HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, April 18th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. The business had revenue of $2.93 billion for the quarter. HDFC Bank had a net margin of 19.01% and a return on equity of 15.15%. On average, equities analysts expect that HDFC Bank will post 1.92 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in HDB. JPMorgan Chase & Co. increased its stake in HDFC Bank by 9.8% in the 1st quarter. JPMorgan Chase & Co. now owns 34,973,617 shares of the bank’s stock valued at $1,345,084,000 after buying an additional 3,113,626 shares during the period. Invesco Ltd. grew its stake in shares of HDFC Bank by 322.6% during the 1st quarter. Invesco Ltd. now owns 3,129,667 shares of the bank’s stock worth $120,367,000 after purchasing an additional 2,389,049 shares during the period. Charles Lim Capital Ltd grew its stake in shares of HDFC Bank by 69.6% during the 1st quarter. Charles Lim Capital Ltd now owns 5,581,632 shares of the bank’s stock worth $214,670,000 after purchasing an additional 2,290,867 shares during the period. Sustainable Growth Advisers LP grew its stake in shares of HDFC Bank by 40.0% during the 1st quarter. Sustainable Growth Advisers LP now owns 4,589,172 shares of the bank’s stock worth $176,500,000 after purchasing an additional 1,311,249 shares during the period. Finally, WCM Investment Management LLC grew its stake in shares of HDFC Bank by 5.4% during the 1st quarter. WCM Investment Management LLC now owns 22,871,281 shares of the bank’s stock worth $879,630,000 after purchasing an additional 1,171,100 shares during the period. 18.13% of the stock is currently owned by institutional investors.
About HDFC Bank
HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.
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