Zacks Investment Research Upgrades HDFC Bank Limited (HDB) to Buy
HDFC Bank Limited (NYSE:HDB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $107.00 target price on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.26% from the company’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. “
Other equities research analysts also recently issued reports about the stock. Jefferies Group LLC upgraded shares of HDFC Bank Limited from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. BidaskClub upgraded shares of HDFC Bank Limited from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Finally, Morgan Stanley upgraded shares of HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $107.00.
Shares of HDFC Bank Limited (NYSE HDB) traded up 0.55% during trading on Wednesday, hitting $96.17. 610,326 shares of the stock traded hands. The company’s 50 day moving average is $92.90 and its 200 day moving average is $82.17. The firm has a market cap of $492.88 billion, a PE ratio of 208.61 and a beta of 0.87. HDFC Bank Limited has a 52-week low of $59.00 and a 52-week high of $99.77.
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Large investors have recently added to or reduced their stakes in the company. Financial Counselors Inc. increased its stake in HDFC Bank Limited by 0.7% in the first quarter. Financial Counselors Inc. now owns 5,745 shares of the bank’s stock valued at $432,000 after buying an additional 39 shares in the last quarter. Level Four Advisory Services LLC increased its stake in HDFC Bank Limited by 0.5% in the first quarter. Level Four Advisory Services LLC now owns 10,723 shares of the bank’s stock valued at $810,000 after buying an additional 53 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in HDFC Bank Limited by 2.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,290 shares of the bank’s stock valued at $247,000 after buying an additional 76 shares in the last quarter. Huntington National Bank increased its stake in HDFC Bank Limited by 4.9% in the second quarter. Huntington National Bank now owns 1,730 shares of the bank’s stock valued at $150,000 after buying an additional 81 shares in the last quarter. Finally, Creative Planning increased its stake in HDFC Bank Limited by 6.3% in the first quarter. Creative Planning now owns 1,700 shares of the bank’s stock valued at $128,000 after buying an additional 100 shares in the last quarter. Institutional investors own 18.72% of the company’s stock.
HDFC Bank Limited 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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