HDFC Bank (NYSE:HDB) Sets New 52-Week High - Here's Why

HDFC Bank Limited (NYSE:HDB - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $75.89 and last traded at $75.85, with a volume of 316626 shares traded. The stock had previously closed at $75.08.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th.

HDFC Bank Stock Up 2.4%

The stock has a market cap of $196.36 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.09 and a current ratio of 0.09. The company's 50-day moving average price is $71.44 and its 200 day moving average price is $65.66.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, April 19th. The bank reported $0.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.11. HDFC Bank had a net margin of 14.64% and a return on equity of 12.19%. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $434.68 billion. As a group, analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in HDFC Bank by 6.8% during the first quarter. GAMMA Investing LLC now owns 2,391 shares of the bank's stock worth $159,000 after buying an additional 153 shares during the period. DMC Group LLC lifted its position in shares of HDFC Bank by 2.5% during the first quarter. DMC Group LLC now owns 7,418 shares of the bank's stock worth $493,000 after purchasing an additional 181 shares during the last quarter. Platform Technology Partners lifted its position in shares of HDFC Bank by 2.7% during the first quarter. Platform Technology Partners now owns 7,644 shares of the bank's stock worth $508,000 after purchasing an additional 201 shares during the last quarter. Waverton Investment Management Ltd lifted its position in shares of HDFC Bank by 1.0% during the fourth quarter. Waverton Investment Management Ltd now owns 19,963 shares of the bank's stock worth $1,275,000 after purchasing an additional 203 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of HDFC Bank by 63.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 617 shares of the bank's stock worth $39,000 after purchasing an additional 240 shares during the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

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.