HDFC Bank Limited (HDB) Rating Lowered 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 note issued to investors 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. “

Other equities analysts also recently issued research reports about the company. Jefferies Group LLC upgraded HDFC Bank Limited from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Morgan Stanley upgraded HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 25th. Finally, BidaskClub upgraded 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 assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $110.00.

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A number of institutional investors and hedge funds have recently bought and sold shares of the business. Veritas Asset Management LLP bought a new position in HDFC Bank Limited in the third quarter worth $14,455,000. Stevens Capital Management LP bought a new position in shares of HDFC Bank Limited during the third quarter valued at $1,430,000. Hardman Johnston Global Advisors LLC increased its holdings in shares of HDFC Bank Limited by 1.6% during the third quarter. Hardman Johnston Global Advisors LLC now owns 2,626,945 shares of the bank’s stock valued at $253,158,000 after acquiring an additional 41,873 shares in the last quarter. Westpac Banking Corp bought a new position in shares of HDFC Bank Limited during the third quarter valued at $10,800,000. Finally, Baillie Gifford & Co. increased its holdings in shares of HDFC Bank Limited by 64.6% during the third quarter. Baillie Gifford & Co. now owns 1,461,230 shares of the bank’s stock valued at $140,818,000 after acquiring an additional 573,395 shares in the last quarter. 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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