HDFC Bank (NYSE:HDB) Downgraded by Nomura to Neutral

Nomura lowered shares of HDFC Bank (NYSE:HDB) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has $128.63 target price on the bank’s stock.

Separately, Zacks Investment Research raised HDFC Bank from a sell rating to a hold rating in a report on Tuesday, May 21st.

NYSE:HDB opened at $128.30 on Tuesday. The firm has a market capitalization of $109.78 billion, a P/E ratio of 38.27, a price-to-earnings-growth ratio of 1.21 and a beta of 0.44. HDFC Bank has a 12 month low of $85.43 and a 12 month high of $130.39.

Several hedge funds have recently modified their holdings of HDB. Oppenheimer & Co. Inc. purchased a new position in shares of HDFC Bank during the fourth quarter worth about $286,000. Advisors Asset Management Inc. grew its holdings in shares of HDFC Bank by 16.9% during the fourth quarter. Advisors Asset Management Inc. now owns 17,798 shares of the bank’s stock worth $1,844,000 after purchasing an additional 2,575 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of HDFC Bank by 27.2% during the fourth quarter. TD Asset Management Inc. now owns 23,944 shares of the bank’s stock worth $2,480,000 after purchasing an additional 5,123 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of HDFC Bank by 4.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 7,509 shares of the bank’s stock worth $778,000 after purchasing an additional 335 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of HDFC Bank by 12.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 119,919 shares of the bank’s stock worth $12,421,000 after purchasing an additional 13,323 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

About HDFC Bank

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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