Wall Street Zen Downgrades HDFC Bank (NYSE:HDB) to Sell

HDFC Bank (NYSE:HDB) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Friday.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of HDFC Bank in a research note on Wednesday, October 8th. Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, HDFC Bank has a consensus rating of “Moderate Buy”.

HDFC Bank Trading Up 0.5%

HDFC Bank stock traded up $0.19 on Friday, hitting $36.82. 1,572,858 shares of the stock traded hands, compared to its average volume of 4,626,439. HDFC Bank has a 1 year low of $28.89 and a 1 year high of $39.81. The firm has a market cap of $187.84 billion, a P/E ratio of 22.38, a price-to-earnings-growth ratio of 1.92 and a beta of 0.69. The business’s fifty day simple moving average is $35.82 and its 200 day simple moving average is $36.74.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings results on Saturday, October 18th. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.08. HDFC Bank had a net margin of 14.94% and a return on equity of 11.49%. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $4.98 billion. As a group, analysts predict that HDFC Bank will post 3.03 earnings per share for the current year.

Hedge Funds Weigh In On HDFC Bank

Hedge funds have recently added to or reduced their stakes in the company. Greenfield Seitz Capital Management LLC boosted its stake in HDFC Bank by 99.3% during the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 111,479 shares of the bank’s stock valued at $3,808,000 after purchasing an additional 55,533 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of HDFC Bank by 107.3% during the third quarter. CIBC Private Wealth Group LLC now owns 2,571,124 shares of the bank’s stock valued at $87,830,000 after purchasing an additional 1,330,741 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of HDFC Bank during the third quarter valued at $87,650,000. First Affirmative Financial Network boosted its position in shares of HDFC Bank by 96.1% during the third quarter. First Affirmative Financial Network now owns 7,653 shares of the bank’s stock valued at $261,000 after buying an additional 3,751 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in HDFC Bank by 109.8% in the 3rd quarter. Captrust Financial Advisors now owns 102,154 shares of the bank’s stock worth $3,490,000 after buying an additional 53,469 shares in the last quarter. 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.