StockNews.com upgraded shares of HDFC Bank (NYSE:HDB – Free Report) from a sell rating to a hold rating in a report issued on Friday.
Separately, JPMorgan Chase & Co. downgraded shares of HDFC Bank from an overweight rating to a neutral rating in a report on Monday, July 22nd.
View Our Latest Stock Report on HDB
HDFC Bank Stock Down 2.6 %
HDFC Bank (NYSE:HDB – Get Free Report) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.27. The company had revenue of $14.03 billion during the quarter, compared to the consensus estimate of $4.81 billion. HDFC Bank had a return on equity of 12.64% and a net margin of 14.69%. As a group, equities research analysts forecast that HDFC Bank will post 2.97 earnings per share for the current year.
Hedge Funds Weigh In On HDFC Bank
Several institutional investors and hedge funds have recently modified their holdings of the business. Northwest Investment Counselors LLC purchased a new stake in shares of HDFC Bank in the first quarter valued at approximately $34,000. Janiczek Wealth Management LLC acquired a new position in HDFC Bank during the first quarter worth $35,000. Ridgewood Investments LLC purchased a new position in HDFC Bank during the second quarter valued at $36,000. LRI Investments LLC acquired a new stake in shares of HDFC Bank in the first quarter valued at about $56,000. Finally, GAMMA Investing LLC increased its stake in shares of HDFC Bank by 56.0% during the second quarter. GAMMA Investing LLC now owns 903 shares of the bank’s stock worth $58,000 after purchasing an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.
HDFC Bank Company Profile
HDFC Bank Limited provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in three segments: Wholesale Banking, Retail Banking, and Treasury Services. It accepts savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits.
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