HDFC Bank (HDB) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of HDFC Bank (NYSE:HDB) from a hold rating to a sell rating in a report issued on Thursday morning.

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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Shares of HDB stock traded down $0.48 during trading hours on Thursday, reaching $97.56. 533,112 shares of the company’s stock were exchanged, compared to its average volume of 721,158. HDFC Bank has a fifty-two week low of $77.26 and a fifty-two week high of $110.77. The firm has a market cap of $84,582.80, a PE ratio of 38.90, a price-to-earnings-growth ratio of 0.89 and a beta of 1.00.

Several hedge funds have recently modified their holdings of HDB. Clearbridge Investments LLC acquired a new position in shares of HDFC Bank in the fourth quarter valued at $114,000. Tower Research Capital LLC TRC raised its stake in shares of HDFC Bank by 543.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,931 shares of the bank’s stock valued at $197,000 after purchasing an additional 1,631 shares in the last quarter. Pitcairn Co. acquired a new position in shares of HDFC Bank in the fourth quarter valued at $202,000. Creative Planning acquired a new position in shares of HDFC Bank in the fourth quarter valued at $203,000. Finally, LPL Financial LLC acquired a new position in shares of HDFC Bank in the fourth quarter valued at $208,000. Institutional investors own 17.25% 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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