HDFC Bank (NYSE:HDB) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded HDFC Bank from a "strong sell" to a "hold" rating, indicating a shift in analyst sentiment towards the stock.
• HDFC Bank's recent quarterly earnings showed a net margin of 14.49%, but the EPS of $0.37 fell short of the consensus estimate of $0.38.
• Institutional investors have significantly increased their stakes in HDFC Bank, with New Vernon Capital Holdings acquiring a stake worth approximately $1.55 billion during the first quarter.

HDFC Bank (NYSE:HDB - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy".

HDFC Bank Trading Down 0.1%

Shares of NYSE:HDB opened at $34.09 on Monday. The company has a 50 day moving average of $36.45 and a 200 day moving average of $36.19. The stock has a market cap of $173.91 billion, a P/E ratio of 20.91, a P/E/G ratio of 1.76 and a beta of 0.63. HDFC Bank has a 12 month low of $28.89 and a 12 month high of $39.81.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings data on Saturday, July 19th. The bank reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $5.03 billion. HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. On average, equities analysts forecast that HDFC Bank will post 3.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HDFC Bank

Several hedge funds have recently bought and sold shares of the stock. New Vernon Capital Holdings II LLC bought a new stake in HDFC Bank during the first quarter valued at approximately $1,546,956,000. GQG Partners LLC lifted its holdings in shares of HDFC Bank by 105.5% in the 1st quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock worth $1,076,128,000 after acquiring an additional 8,313,645 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of HDFC Bank by 53.5% in the 1st quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank's stock worth $745,107,000 after acquiring an additional 3,907,637 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of HDFC Bank by 19.0% in the 2nd quarter. Schroder Investment Management Group now owns 10,614,708 shares of the bank's stock worth $813,830,000 after acquiring an additional 1,692,243 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of HDFC Bank by 2.1% in the 1st quarter. JPMorgan Chase & Co. now owns 9,616,713 shares of the bank's stock worth $638,934,000 after acquiring an additional 202,032 shares during the last quarter. 17.61% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.