HDFC Bank (NYSE:HDB) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of HDFC Bank (NYSE:HDB) from a buy rating to a hold rating in a report issued on Wednesday, January 10th.

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 (NYSE HDB) traded up $1.57 during mid-day trading on Wednesday, hitting $110.16. The stock had a trading volume of 693,028 shares, compared to its average volume of 591,974. The company has a market capitalization of $82,940.00, a PE ratio of 90.30, a PEG ratio of 1.21 and a beta of 0.84. HDFC Bank has a 12 month low of $68.89 and a 12 month high of $110.77.

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning acquired a new position in shares of HDFC Bank during the fourth quarter valued at $203,000. Advisor Partners LLC acquired a new position in HDFC Bank in the fourth quarter valued at about $216,000. CIBC World Markets Inc. acquired a new position in HDFC Bank in the fourth quarter valued at about $212,000. Park Avenue Securities LLC acquired a new position in HDFC Bank in the third quarter valued at about $224,000. Finally, Dimensional Fund Advisors LP acquired a new position in HDFC Bank in the second quarter valued at about $217,000. 17.38% of the stock is currently owned by institutional investors and hedge funds.

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About HDFC Bank

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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