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

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

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. “

HDB opened at $97.23 on Thursday. The firm has a market cap of $84,582.80, a price-to-earnings ratio of 38.58, a PEG ratio of 0.89 and a beta of 1.00. HDFC Bank has a one year low of $77.26 and a one year high of $110.77.

A number of institutional investors and hedge funds have recently bought and sold shares of HDB. Clearbridge Investments LLC purchased a new stake in HDFC Bank during the fourth quarter worth $114,000. Tower Research Capital LLC TRC boosted its position in HDFC Bank by 543.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,931 shares of the bank’s stock worth $197,000 after purchasing an additional 1,631 shares in the last quarter. Pitcairn Co. purchased a new stake in HDFC Bank during the fourth quarter worth $202,000. Creative Planning purchased a new stake in HDFC Bank during the fourth quarter worth $203,000. Finally, LPL Financial LLC purchased a new stake in HDFC Bank during the fourth quarter worth $208,000. Institutional investors own 17.25% of the company’s stock.

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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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