HDFC Bank Limited (HDB) Cut to “Sell” at Zacks Investment Research
HDFC Bank Limited (NYSE:HDB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
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. “
HDB has been the topic of several other reports. Morgan Stanley raised shares of HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 25th. Jefferies Group LLC upgraded shares of HDFC Bank Limited from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, BidaskClub upgraded shares of HDFC Bank Limited from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $110.00.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Interstate Bank acquired a new position in HDFC Bank Limited in the second quarter valued at approximately $103,000. Parallel Advisors LLC lifted its holdings in HDFC Bank Limited by 14.8% in the second quarter. Parallel Advisors LLC now owns 1,469 shares of the bank’s stock valued at $142,000 after buying an additional 189 shares during the period. Independent Portfolio Consultants Inc. lifted its holdings in HDFC Bank Limited by 744.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,689 shares of the bank’s stock valued at $147,000 after buying an additional 1,489 shares during the period. Huntington National Bank lifted its holdings 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 during the period. Finally, Shine Investment Advisory Services Inc. acquired a new position in HDFC Bank Limited in the second quarter valued at approximately $156,000. Institutional investors and hedge funds own 17.79% of the company’s stock.
About HDFC Bank Limited
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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