HDFC Bank (HDB) Downgraded by Zacks Investment Research to “Hold”

HDFC Bank (NYSE:HDB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

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. “

Shares of HDFC Bank (NYSE HDB) traded down $0.22 during mid-day trading on Thursday, reaching $101.12. The company had a trading volume of 411,100 shares, compared to its average volume of 443,600. HDFC Bank has a 1 year low of $59.22 and a 1 year high of $102.77. The stock has a market cap of $75,460.00, a P/E ratio of 82.21, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84.

A number of institutional investors have recently bought and sold shares of the business. Financial Counselors Inc. grew its stake in HDFC Bank by 0.8% during the 2nd quarter. Financial Counselors Inc. now owns 5,791 shares of the bank’s stock valued at $504,000 after purchasing an additional 46 shares during the last quarter. Bahl & Gaynor Inc. grew its stake in HDFC Bank by 1.1% during the 2nd quarter. Bahl & Gaynor Inc. now owns 11,160 shares of the bank’s stock valued at $677,000 after purchasing an additional 124 shares during the last quarter. ETRADE Capital Management LLC grew its stake in HDFC Bank by 5.6% during the 2nd quarter. ETRADE Capital Management LLC now owns 4,506 shares of the bank’s stock valued at $392,000 after purchasing an additional 239 shares during the last quarter. Overbrook Management Corp grew its stake in HDFC Bank by 11.4% during the 2nd quarter. Overbrook Management Corp now owns 4,334 shares of the bank’s stock valued at $377,000 after purchasing an additional 444 shares during the last quarter. Finally, Bamco Inc. NY grew its stake in HDFC Bank by 13.9% during the 3rd quarter. Bamco Inc. NY now owns 4,883 shares of the bank’s stock valued at $471,000 after purchasing an additional 595 shares during the last quarter. Institutional investors and hedge funds own 17.29% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “HDFC Bank (HDB) Downgraded by Zacks Investment Research to “Hold”” was posted by American Banking News and is owned by of American Banking News. If you are viewing this report on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The original version of this report can be accessed at https://www.americanbankingnews.com/2018/01/04/hdfc-bank-hdb-downgraded-by-zacks-investment-research-to-hold.html.

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.

Get a free copy of the Zacks research report on HDFC Bank (HDB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for HDFC Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HDFC Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply