HDFC Bank (HDB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of HDFC Bank (NYSE:HDB) from a hold rating to a buy rating in a report published on Tuesday morning. The brokerage currently has $113.00 target price on the bank’s stock.

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. “

Shares of HDFC Bank (HDB) traded up $1.14 during trading on Tuesday, hitting $102.43. 434,389 shares of the stock were exchanged, compared to its average volume of 532,566. HDFC Bank has a 52-week low of $63.37 and a 52-week high of $102.77. The stock has a market capitalization of $77,050.00, a P/E ratio of 83.96, a price-to-earnings-growth ratio of 1.14 and a beta of 0.84.

Institutional investors have recently made changes to their positions in the company. Park Avenue Securities LLC purchased a new stake in shares of HDFC Bank in the third quarter worth about $224,000. Dimensional Fund Advisors LP purchased a new stake in shares of HDFC Bank in the second quarter worth about $217,000. Pacad Investment Ltd. purchased a new stake in shares of HDFC Bank in the second quarter worth about $226,000. Veritable L.P. purchased a new stake in shares of HDFC Bank in the second quarter worth about $226,000. Finally, First Allied Advisory Services Inc. purchased a new stake in shares of HDFC Bank in the second quarter worth about $226,000. 17.29% of the stock is currently owned by hedge funds and other institutional investors.

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HDFC Bank Company Profile

HDFC Bank Limited (the Bank) is a holding company. The Bank offers a range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. It also offers financial services. The Bank’s segments include Treasury, Retail banking, Wholesale banking and Other banking business.

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