Zacks Investment Research Lowers HDFC Bank Limited (NYSE:HDB) to Sell

HDFC Bank Limited (NYSE:HDB) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday, October 25th.

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. “

A number of other research firms have also issued reports on HDB. BidaskClub raised HDFC Bank Limited from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Morgan Stanley raised HDFC Bank Limited from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 25th. Finally, Jefferies Group LLC raised HDFC Bank Limited from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. HDFC Bank Limited currently has a consensus rating of “Buy” and a consensus target price of $110.00.

Shares of HDFC Bank Limited (NYSE HDB) opened at $93.61 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.71. HDFC Bank Limited has a 52 week low of $59.00 and a 52 week high of $100.26. The firm has a market capitalization of $80,310.19, a price-to-earnings ratio of 35.35, a price-to-earnings-growth ratio of 1.07 and a beta of 0.83.

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Several institutional investors have recently modified their holdings of the stock. Harding Loevner LP raised its position in shares of HDFC Bank Limited by 2,141.9% during the 3rd quarter. Harding Loevner LP now owns 78,647,160 shares of the bank’s stock worth $248,755,000 after purchasing an additional 75,139,157 shares during the last quarter. FMR LLC raised its position in shares of HDFC Bank Limited by 4.1% during the 2nd quarter. FMR LLC now owns 14,824,081 shares of the bank’s stock worth $1,289,251,000 after purchasing an additional 589,126 shares during the last quarter. WCM Investment Management CA raised its position in shares of HDFC Bank Limited by 2.6% during the 3rd quarter. WCM Investment Management CA now owns 7,507,836 shares of the bank’s stock worth $723,531,000 after purchasing an additional 193,290 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of HDFC Bank Limited by 19.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 3,350,974 shares of the bank’s stock worth $322,933,000 after purchasing an additional 548,882 shares during the last quarter. Finally, Fiera Capital Corp raised its holdings in HDFC Bank Limited by 6.2% in the 2nd quarter. Fiera Capital Corp now owns 3,000,120 shares of the bank’s stock valued at $260,920,000 after acquiring an additional 175,582 shares during the last quarter. Hedge funds and other institutional investors own 17.78% 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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