HDFC Bank (NYSE:HDB) Downgraded by Zacks Investment Research to “Sell”

HDFC Bank (NYSE:HDB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, April 12th.

According to Zacks, “HDFC BANK’s mission is to be a World Class Indian Bank. The Bank’s aim is to build a sound customer franchise across distinct businesses so as to be the preferred provider of banking services in the niche segments that the bank operates in and to achieve healthy growth in profitability, consistent with the bank’s risk appetite. The bank aims to ensure the highest level of ethical standards, professional integrity and regulatory compliance. HDFC Bank’s business philosophy is based on four core values: Operational Excellence, Customer Focus, Product Leadership and People. “

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NYSE HDB opened at $98.51 on Thursday. The stock has a market cap of $84,849.81, a price-to-earnings ratio of 33.39, a P/E/G ratio of 0.90 and a beta of 1.00. HDFC Bank has a 1 year low of $77.26 and a 1 year high of $110.77.

Several hedge funds have recently modified their holdings of HDB. Martin Currie Ltd. raised its stake in shares of HDFC Bank by 109.3% in the fourth quarter. Martin Currie Ltd. now owns 1,268,491 shares of the bank’s stock valued at $128,968,000 after purchasing an additional 662,497 shares in the last quarter. WCM Investment Management CA raised its stake in HDFC Bank by 6.8% during the fourth quarter. WCM Investment Management CA now owns 8,016,441 shares of the bank’s stock worth $815,031,000 after acquiring an additional 508,605 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of HDFC Bank by 41.1% during the fourth quarter. Bank of Montreal Can now owns 913,516 shares of the bank’s stock worth $92,877,000 after purchasing an additional 266,214 shares during the last quarter. Sands Capital Management LLC grew its holdings in shares of HDFC Bank by 158.1% during the fourth quarter. Sands Capital Management LLC now owns 216,718 shares of the bank’s stock worth $22,034,000 after purchasing an additional 132,748 shares during the last quarter. Finally, Schroder Investment Management Group grew its holdings in shares of HDFC Bank by 2.8% during the fourth quarter. Schroder Investment Management Group now owns 4,248,844 shares of the bank’s stock worth $431,981,000 after purchasing an additional 117,565 shares during the last quarter. Institutional investors own 17.22% of the company’s stock.

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HDFC Bank Company Profile

HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.

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