HDFC Bank’s (HDB) “Hold (C)” Rating Reiterated at Weiss Ratings

HDFC Bank (NYSE:HDB)‘s stock had its “hold (c)” rating reaffirmed by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other research firms have also weighed in on HDB. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

HDFC Bank Stock Performance

NYSE:HDB opened at $34.58 on Wednesday. The stock’s fifty day moving average is $35.92 and its 200 day moving average is $36.28. HDFC Bank has a fifty-two week low of $28.89 and a fifty-two week high of $39.81. The firm has a market capitalization of $176.41 billion, a PE ratio of 21.21, a PEG ratio of 1.85 and a beta of 0.63.

HDFC Bank (NYSE:HDB) last released its quarterly earnings results on Saturday, July 19th. The bank reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The company had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Equities analysts forecast that HDFC Bank will post 3.03 EPS for the current year.

Hedge Funds Weigh In On HDFC Bank

Several institutional investors have recently made changes to their positions in the company. New Vernon Capital Holdings II LLC purchased a new position in shares of HDFC Bank during the first quarter valued at $1,546,956,000. GQG Partners LLC increased its stake in shares of HDFC Bank by 105.5% during the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank’s stock valued at $1,076,128,000 after buying an additional 8,313,645 shares during the period. Royal Bank of Canada increased its stake in shares of HDFC Bank by 53.5% during the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank’s stock valued at $745,107,000 after buying an additional 3,907,637 shares during the period. Schroder Investment Management Group increased its stake in shares of HDFC Bank by 19.0% during the second quarter. Schroder Investment Management Group now owns 10,614,708 shares of the bank’s stock valued at $813,830,000 after buying an additional 1,692,243 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of HDFC Bank by 2.1% during the first quarter. JPMorgan Chase & Co. now owns 9,616,713 shares of the bank’s stock valued at $638,934,000 after buying an additional 202,032 shares during the period. Hedge funds and other institutional investors own 17.61% of the company’s stock.

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.