HDFC Bank (NYSE:HDB) Upgraded by Zacks Investment Research to Strong-Buy

HDFC Bank (NYSE:HDB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday, Zacks.com reports. The firm presently has a $145.00 price target on the bank’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.10% from the stock’s current price.

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. “

Separately, Nomura cut shares of HDFC Bank from a “buy” rating to a “neutral” rating and set a $128.63 target price for the company. in a research note on Tuesday, June 11th.

NYSE:HDB opened at $127.08 on Wednesday. The firm has a market cap of $109.46 billion, a PE ratio of 38.28, a P/E/G ratio of 1.19 and a beta of 0.44. HDFC Bank has a one year low of $85.43 and a one year high of $131.78. The firm’s fifty day moving average is $127.57.

HDFC Bank (NYSE:HDB) last released its earnings results on Saturday, April 20th. The bank reported $0.91 EPS for the quarter. The firm had revenue of $4.43 billion during the quarter. HDFC Bank had a net margin of 18.07% and a return on equity of 16.19%. On average, equities research analysts anticipate that HDFC Bank will post 4.19 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. increased its holdings in HDFC Bank by 0.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 10,346 shares of the bank’s stock valued at $1,199,000 after buying an additional 87 shares during the period. Lindbrook Capital LLC increased its holdings in HDFC Bank by 40.9% in the 1st quarter. Lindbrook Capital LLC now owns 355 shares of the bank’s stock valued at $41,000 after buying an additional 103 shares during the period. Capital Insight Partners LLC increased its holdings in HDFC Bank by 1.4% in the 2nd quarter. Capital Insight Partners LLC now owns 8,648 shares of the bank’s stock valued at $1,125,000 after buying an additional 116 shares during the period. American Beacon Advisors Inc. increased its holdings in HDFC Bank by 67.8% in the 1st quarter. American Beacon Advisors Inc. now owns 292 shares of the bank’s stock valued at $34,000 after buying an additional 118 shares during the period. Finally, SeaBridge Investment Advisors LLC increased its holdings in HDFC Bank by 1.8% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 7,987 shares of the bank’s stock valued at $926,000 after buying an additional 140 shares during the period. 19.20% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Company Profile

HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.

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