HDFC Bank (NYSE:HDB) Now Covered by Analysts at The Goldman Sachs Group

Key Points

• Goldman Sachs initiated coverage of HDFC Bank with a “Buy” rating, while other recent analyst opinions leave the stock with an overall MarketBeat consensus rating of “Hold.”
• HDB shares rose 0.7% to $23.51, near their 52-week low of $22.66 and below their 50-day and 200-day moving averages. The bank trades at a P/E ratio of 13.83 and has a market capitalization of approximately $120.6 billion.
• HDFC Bank exceeded quarterly earnings expectations, reporting EPS of $0.40 versus the $0.38 consensus estimate and revenue of $9.01 billion. Several major institutional investors increased their holdings, with institutions and hedge funds owning 17.61% of the stock.

Equities research analysts at The Goldman Sachs Group assumed coverage on shares of HDFC Bank (NYSE:HDB - Get Free Report) in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm set a "buy" rating on the bank's stock.

HDB has been the topic of a number of other research reports. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Wall Street Zen lowered HDFC Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. Finally, Weiss Ratings raised HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold".

HDFC Bank Trading Up 0.7%

Shares of HDB traded up $0.17 during midday trading on Friday, hitting $23.51. The stock had a trading volume of 287,450 shares, compared to its average volume of 8,683,313. The business has a 50-day simple moving average of $24.68 and a two-hundred day simple moving average of $26.43. The firm has a market cap of $120.63 billion, a P/E ratio of 13.83, a price-to-earnings-growth ratio of 1.09 and a beta of 0.65. HDFC Bank has a fifty-two week low of $22.66 and a fifty-two week high of $37.55.

HDFC Bank (NYSE:HDB - Get Free Report) last released its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.02. The business had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 11.84%. On average, analysts expect that HDFC Bank will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HDFC Bank

Several large investors have recently made changes to their positions in HDB. Principal Financial Group Inc. raised its holdings in shares of HDFC Bank by 16,808.5% in the first quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank's stock valued at $447,289,000 after buying an additional 17,871,520 shares during the last quarter. Royal Bank of Canada grew its holdings in HDFC Bank by 31.0% during the 4th quarter. Royal Bank of Canada now owns 39,897,767 shares of the bank's stock worth $1,457,865,000 after acquiring an additional 9,451,992 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in HDFC Bank by 9,866.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank's stock valued at $271,381,000 after acquiring an additional 7,864,692 shares in the last quarter. Wellington Management Group LLP increased its position in HDFC Bank by 94.3% in the 3rd quarter. Wellington Management Group LLP now owns 13,155,196 shares of the bank's stock valued at $449,381,000 after acquiring an additional 6,386,002 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of HDFC Bank by 98.3% in the third quarter. Invesco Ltd. now owns 12,338,006 shares of the bank's stock worth $421,466,000 after acquiring an additional 6,115,797 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

About HDFC Bank

HDFC Bank Limited is one of India's leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank's core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).

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