Nomura Upgrades HDFC Bank (NYSE:HDB) to “Buy”

HDFC Bank (NYSE:HDB) was upgraded by equities researchers at Nomura from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports.

Separately, StockNews.com cut shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th.

HDFC Bank Stock Down 2.3 %

Shares of HDB traded down $1.41 during midday trading on Thursday, reaching $59.27. The stock had a trading volume of 1,189,137 shares, compared to its average volume of 2,967,470. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.53 and a quick ratio of 0.53. The company’s fifty day simple moving average is $63.82 and its two-hundred day simple moving average is $62.42. The company has a market cap of $150.10 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 1.67 and a beta of 0.92. HDFC Bank has a 1-year low of $52.16 and a 1-year high of $68.50.

HDFC Bank (NYSE:HDB) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.08. HDFC Bank had a return on equity of 12.49% and a net margin of 14.48%. Equities research analysts expect that HDFC Bank will post 3.13 earnings per share for the current year.

Institutional Investors Weigh In On HDFC Bank

Several large investors have recently modified their holdings of HDB. Temasek Holdings Private Ltd boosted its stake in HDFC Bank by 1.6% during the 3rd quarter. Temasek Holdings Private Ltd now owns 8,367,222 shares of the bank’s stock worth $523,453,000 after purchasing an additional 132,445 shares during the period. FMR LLC boosted its stake in shares of HDFC Bank by 19.3% during the third quarter. FMR LLC now owns 6,878,824 shares of the bank’s stock worth $430,339,000 after buying an additional 1,114,210 shares during the period. Franklin Resources Inc. grew its holdings in shares of HDFC Bank by 9.0% during the third quarter. Franklin Resources Inc. now owns 6,803,828 shares of the bank’s stock worth $420,477,000 after buying an additional 560,880 shares during the last quarter. Wellington Management Group LLP increased its position in HDFC Bank by 2.2% in the 3rd quarter. Wellington Management Group LLP now owns 5,069,390 shares of the bank’s stock valued at $317,141,000 after acquiring an additional 108,312 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in HDFC Bank by 1.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,842,870 shares of the bank’s stock valued at $302,970,000 after acquiring an additional 51,736 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

HDFC Bank Company Profile

HDFC Bank Limited provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in three segments: Wholesale Banking, Retail Banking, and Treasury Services. It accepts savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits.