HDFC Bank (NYSE:HDB) Downgraded by HSBC to Hold

HDFC Bank (NYSE:HDB) was downgraded by stock analysts at HSBC from a “buy” rating to a “hold” rating in a report released on Monday, Marketbeat reports.

Several other equities research analysts have also issued reports on HDB. Wall Street Zen lowered HDFC Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings raised shares of HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 20th. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, The Goldman Sachs Group initiated coverage on shares of HDFC Bank in a report on Friday, August 21st. They set a “buy” rating on the stock. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

HDFC Bank Stock Performance

Shares of HDB opened at $23.07 on Monday. HDFC Bank has a one year low of $22.45 and a one year high of $37.45. The stock has a 50-day moving average price of $24.49 and a 200 day moving average price of $25.98. The company has a market capitalization of $118.38 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.09 and a beta of 0.65.

HDFC Bank (NYSE:HDB) last posted its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%.The company had revenue of $9.01 billion for the quarter, compared to the consensus estimate of $5 billion. As a group, equities research analysts forecast that HDFC Bank will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HDFC Bank

Several hedge funds and other institutional investors have recently modified their holdings of HDB. Larson Financial Group LLC increased its holdings in shares of HDFC Bank by 90.4% in the 3rd quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock worth $29,000 after acquiring an additional 403 shares during the period. Cary Street Partners Financial LLC acquired a new position in HDFC Bank during the 2nd quarter valued at about $75,000. Pin Oak Investment Advisors Inc. grew its position in HDFC Bank by 100.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after purchasing an additional 498 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of HDFC Bank in the third quarter valued at approximately $43,000. Finally, Axiom Investment Management LLC bought a new stake in shares of HDFC Bank during the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 17.61% of the company’s stock.

About HDFC Bank

HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).