HDFC Bank (NYSE:HDB) Sets New 52-Week Low - What's Next?

Key Points

• HDFC Bank shares fell 1.9% to a new 52-week low of $22.26, below both their 50-day moving average of $24.14 and 200-day average of $25.49.
• Analyst sentiment is mixed but leans toward caution: HSBC downgraded the stock to Hold, Goldman Sachs initiated a Buy rating, and MarketBeat’s consensus rating is Hold.
• The bank exceeded quarterly expectations, reporting $0.40 in earnings per share versus a $0.38 consensus estimate and $9.01 billion in revenue; institutional investors own 17.61% of the stock.

HDFC Bank Limited (NYSE:HDB - Get Free Report) shares reached a new 52-week low on Wednesday . The stock traded as low as $22.26 and last traded at $22.0550, with a volume of 64319 shares traded. The stock had previously closed at $22.48.

HDFC Bank News Roundup

Here are the key news stories impacting HDFC Bank this week:

• Positive Sentiment: A recent value-stock comparison highlighted HDFC Bank as an option for investors evaluating large international banks. However, the article offered analysis rather than a new company-specific catalyst. BNPQY or HDB: Which Is the Better Value Stock Right Now?

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. HSBC lowered shares of HDFC Bank from a "buy" rating to a "hold" rating in a report on Monday, August 31st. Weiss Ratings raised shares of HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, July 20th. Zacks Research raised shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Wall Street Zen cut shares of HDFC Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. Finally, The Goldman Sachs Group initiated coverage on shares of HDFC Bank in a research report on Friday, August 21st. They set a "buy" rating for the company. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, HDFC Bank has a consensus rating of "Hold".

HDFC Bank Stock Down 1.9%

The business has a fifty day moving average price of $24.14 and a 200 day moving average price of $25.49. The company has a market capitalization of $113.12 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 1.29 and a beta of 0.63.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. The company had revenue of $9.01 billion during the quarter, compared to analysts' expectations of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 11.84%. As a group, equities analysts forecast that HDFC Bank Limited will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On HDFC Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GQG Partners LLC lifted its holdings in shares of HDFC Bank by 1.5% during the 4th quarter. GQG Partners LLC now owns 52,962,709 shares of the bank's stock worth $1,935,258,000 after acquiring an additional 777,977 shares during the period. Royal Bank of Canada grew its position in HDFC Bank by 6.3% during the 1st quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank's stock worth $1,055,372,000 after acquiring an additional 2,520,716 shares during the last quarter. Schroder Investment Management Group increased its holdings in HDFC Bank by 4.1% in the 4th quarter. Schroder Investment Management Group now owns 26,264,726 shares of the bank's stock worth $959,713,000 after purchasing an additional 1,043,596 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in HDFC Bank by 6.8% in the 4th quarter. JPMorgan Chase & Co. now owns 20,504,634 shares of the bank's stock worth $749,239,000 after purchasing an additional 1,299,851 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in 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 purchasing an additional 17,871,520 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

About HDFC Bank

HDFC Bank Limited is an India-based banking and financial services company headquartered in Mumbai. Established in 1994 and commencing operations in 1995, the bank serves individual consumers, small and midsize businesses, corporations, institutions and government-related organizations.

The bank provides a broad range of services, including savings and current accounts, fixed deposits, personal and home loans, vehicle and business financing, credit and debit cards, payments, remittances, wealth management and insurance distribution.

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.