HDFC Bank (NYSE:HDB) Reaches New 52-Week Low - Time to Sell?

Key Points

• HDFC Bank shares fell to a new 52-week low of $21.66, trading below both their 50-day ($22.85) and 200-day ($24.18) moving averages.
• Analyst sentiment is mixed but leans neutral: the stock has a consensus “Hold” rating and an average price target of $26.10, with recent upgrades and downgrades ranging from Buy to Sell.
• The bank exceeded quarterly expectations, reporting $0.42 in EPS versus $0.40 expected and $8.20 billion in revenue; institutional investors own 17.61% of the company.

HDFC Bank Limited (NYSE:HDB - Get Free Report)'s stock price hit a new 52-week low during trading on Monday. The stock traded as low as $21.66 and last traded at $21.6450, with a volume of 2,455,197 shares traded. The stock had previously closed at $22.09.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HDB shares. Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group assumed coverage on shares of HDFC Bank in a research note on Friday, August 21st. They set a "buy" rating for the company. Weiss Ratings lowered shares of HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 25th. HSBC cut shares of HDFC Bank from a "buy" rating to a "hold" rating and decreased their target price for the stock from $30.80 to $26.10 in a research report on Monday, August 31st. Finally, Zacks Research raised shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, HDFC Bank currently has a consensus rating of "Hold" and an average target price of $26.10.

HDFC Bank Stock Down 2.2%

The company's fifty day moving average is $22.85 and its 200 day moving average is $24.18. The stock has a market cap of $110.91 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.22 and a beta of 0.61.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. The firm had revenue of $8.20 billion for the quarter, compared to analysts' expectations of $4.95 billion. Equities analysts expect that HDFC Bank Limited will post 1.65 EPS for the current year.

Institutional Investors Weigh In On HDFC Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Prime Capital Investment Advisors LLC lifted its stake in shares of HDFC Bank by 1.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 38,747 shares of the bank's stock valued at $866,000 after buying an additional 630 shares in the last quarter. Summitry LLC boosted its stake in shares of HDFC Bank by 4.1% during the first quarter. Summitry LLC now owns 21,195 shares of the bank's stock valued at $527,000 after purchasing an additional 842 shares during the period. Vontobel Holding Ltd. boosted its holdings in HDFC Bank by 0.5% in the third quarter. Vontobel Holding Ltd. now owns 232,512 shares of the bank's stock valued at $5,194,000 after acquiring an additional 1,088 shares in the last quarter. InTrack Investment Management Inc lifted its position in HDFC Bank by 5.1% during the second quarter. InTrack Investment Management Inc now owns 25,172 shares of the bank's stock valued at $650,000 after buying an additional 1,211 shares during the period. Finally, Axiom Investment Management LLC bought a new position in HDFC Bank in the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 17.61% of the company's stock.

About HDFC Bank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.