HDFC Bank (NYSE:HDB) Reaches New 12-Month High – Here’s What Happened

HDFC Bank Limited (NYSE:HDB)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $70.13 and last traded at $69.54, with a volume of 1176790 shares changing hands. The stock had previously closed at $67.38.

Wall Street Analysts Forecast Growth

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

HDFC Bank Stock Up 3.0 %

The stock has a market capitalization of $175.82 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 2.12 and a beta of 0.68. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.26. The company’s fifty day moving average price is $62.49 and its 200-day moving average price is $62.78.

HDFC Bank (NYSE:HDB) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.08. HDFC Bank had a return on equity of 12.19% and a net margin of 14.64%. Analysts forecast that HDFC Bank Limited will post 3.03 earnings per share for the current year.

Institutional Trading of HDFC Bank

Several hedge funds have recently bought and sold shares of HDB. State Street Corp grew its position in shares of HDFC Bank by 15.8% during the third quarter. State Street Corp now owns 513,684 shares of the bank’s stock worth $32,136,000 after purchasing an additional 70,071 shares in the last quarter. Coldstream Capital Management Inc. purchased a new position in HDFC Bank during the third quarter worth $270,000. Virtu Financial LLC bought a new position in HDFC Bank during the 3rd quarter valued at about $985,000. Sanctuary Advisors LLC grew its stake in shares of HDFC Bank by 9.1% during the third quarter. Sanctuary Advisors LLC now owns 30,557 shares of the bank’s stock valued at $1,971,000 after buying an additional 2,536 shares during the last quarter. Finally, Synovus Financial Corp raised its holdings in shares of HDFC Bank by 0.8% in the third quarter. Synovus Financial Corp now owns 89,591 shares of the bank’s stock worth $5,605,000 after buying an additional 711 shares during the period. Institutional investors own 17.61% of the company’s stock.

HDFC Bank Company Profile

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.