HDFC Bank (NYSE:HDB) Downgraded to “Market Perform” at Sanford C. Bernstein

HDFC Bank (NYSE:HDB) was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, The Fly reports.

Several other research analysts have also weighed in on the company. TheStreet lowered HDFC Bank from a “b-” rating to a “c+” rating in a report on Tuesday, March 31st. Zacks Investment Research upgraded HDFC Bank from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. HDFC Bank has an average rating of “Buy” and a consensus price target of $54.00.

NYSE:HDB opened at $47.02 on Tuesday. The stock’s fifty day simple moving average is $44.60 and its 200-day simple moving average is $48.34. The firm has a market capitalization of $87.85 billion, a P/E ratio of 23.34, a P/E/G 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 posted its earnings results on Saturday, April 18th. The bank reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.05. The firm had revenue of $2.93 billion for the quarter. HDFC Bank had a return on equity of 15.36% and a net margin of 19.01%. On average, sell-side analysts predict that HDFC Bank will post 1.92 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in shares of HDFC Bank by 0.3% in the second quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 403,478 shares of the bank’s stock valued at $18,342,000 after purchasing an additional 1,400 shares in the last quarter. Genesis Investment Management LLP lifted its holdings in shares of HDFC Bank by 25.7% in the second quarter. Genesis Investment Management LLP now owns 571,705 shares of the bank’s stock valued at $25,990,000 after purchasing an additional 116,883 shares in the last quarter. DNB Asset Management AS lifted its holdings in shares of HDFC Bank by 5.6% in the second quarter. DNB Asset Management AS now owns 24,953 shares of the bank’s stock valued at $1,134,000 after purchasing an additional 1,331 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of HDFC Bank by 2.5% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,424,313 shares of the bank’s stock valued at $54,779,000 after purchasing an additional 35,159 shares in the last quarter. Finally, State Street Corp increased its position in shares of HDFC Bank by 3.8% in the first quarter. State Street Corp now owns 1,040,799 shares of the bank’s stock valued at $40,029,000 after acquiring an additional 37,693 shares during the last quarter. Institutional investors own 18.10% of the company’s stock.

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.

Further Reading: FinTech

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