HDFC Bank Limited (HDB) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of HDFC Bank Limited (NYSE:HDB) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage currently has $107.00 target price 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. “

Other equities research analysts also recently issued research reports about the company. BidaskClub downgraded HDFC Bank Limited from a strong-buy rating to a buy rating in a research report on Saturday, June 24th. Jefferies Group LLC raised HDFC Bank Limited from a hold rating to a buy rating in a research report on Tuesday, July 25th. Finally, Morgan Stanley raised HDFC Bank Limited from an equal weight rating to an overweight rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. HDFC Bank Limited currently has a consensus rating of Buy and a consensus target price of $107.00.

HDFC Bank Limited (NYSE HDB) opened at 94.33 on Wednesday. HDFC Bank Limited has a 1-year low of $59.00 and a 1-year high of $99.77. The company’s 50-day moving average price is $93.31 and its 200 day moving average price is $82.44. The firm has a market cap of $483.45 billion, a price-to-earnings ratio of 204.18 and a beta of 0.87.

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The business also recently announced a None dividend, which was paid on Thursday, August 3rd. Stockholders of record on Thursday, June 29th were given a $0.494 dividend. The ex-dividend date was Tuesday, June 27th.

Several large investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of HDFC Bank Limited by 4.1% in the second quarter. FMR LLC now owns 14,824,081 shares of the bank’s stock valued at $1,289,251,000 after buying an additional 589,126 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of HDFC Bank Limited by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 14,085,276 shares of the bank’s stock valued at $1,059,495,000 after buying an additional 538,265 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of HDFC Bank Limited by 0.8% in the first quarter. Fisher Asset Management LLC now owns 8,163,539 shares of the bank’s stock valued at $614,061,000 after buying an additional 61,009 shares during the last quarter. WCM Investment Management CA increased its stake in shares of HDFC Bank Limited by 5.8% in the second quarter. WCM Investment Management CA now owns 7,314,546 shares of the bank’s stock valued at $636,146,000 after buying an additional 403,755 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of HDFC Bank Limited by 3.6% in the first quarter. Schroder Investment Management Group now owns 4,471,196 shares of the bank’s stock valued at $332,478,000 after buying an additional 154,607 shares during the last quarter. 18.72% of the stock is owned by institutional investors.

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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