HDFC Bank (NYSE:HDB) Sets New 12-Month High – Here’s Why

HDFC Bank Limited (NYSE:HDB) shares hit a new 52-week high on Monday . The company traded as high as $75.34 and last traded at $74.62, with a volume of 594227 shares trading hands. The stock had previously closed at $72.04.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on HDB shares. Nomura upgraded shares of HDFC Bank from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Nomura Securities raised HDFC Bank from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 23rd.

HDFC Bank Stock Performance

The stock has a market cap of $187.09 billion, a PE ratio of 22.46, a P/E/G ratio of 2.12 and a beta of 0.68. The firm’s 50-day moving average is $63.27 and its 200 day moving average is $63.03. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.09 and a current ratio of 0.09.

HDFC Bank (NYSE:HDB) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.08. HDFC Bank had a net margin of 14.64% and a return on equity of 12.19%. As a group, research analysts anticipate that HDFC Bank Limited will post 3.03 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HDB. Whipplewood Advisors LLC purchased a new stake in shares of HDFC Bank during the fourth quarter worth approximately $29,000. Graney & King LLC purchased a new position in HDFC Bank during the 4th quarter worth $38,000. Brown Brothers Harriman & Co. lifted its stake in shares of HDFC Bank by 63.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 617 shares of the bank’s stock worth $39,000 after acquiring an additional 240 shares during the period. Sierra Ocean LLC acquired a new stake in shares of HDFC Bank in the 4th quarter worth $42,000. Finally, NBC Securities Inc. purchased a new stake in shares of HDFC Bank in the first quarter valued at about $55,000. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

About HDFC Bank

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.