HDFC Bank Limited (NYSE:HDB – Get Free Report) shares passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $22.68 and traded as high as $22.92. HDFC Bank shares last traded at $22.7450, with a volume of 8,509,876 shares changing hands.
Analysts Set New Price Targets
Several analysts recently weighed in on the company. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research report on Saturday, October 24th. The Goldman Sachs Group started coverage on HDFC Bank in a research note on Friday, August 21st. They set a “buy” rating for the company. HSBC cut shares of HDFC Bank from a “buy” rating to a “hold” rating and dropped their target price for the stock from $30.80 to $26.10 in a report on Monday, August 31st. Weiss Ratings downgraded shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Finally, Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.10.
Read Our Latest Report on HDFC Bank
HDFC Bank Price Performance
The firm has a market capitalization of $116.71 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.19 and a beta of 0.61. The stock has a fifty day moving average of $22.68 and a two-hundred day moving average of $25.83.
HDFC Bank (NYSE:HDB – Get Free Report) last announced its earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to analyst estimates of $4.95 billion. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. On average, research analysts forecast that HDFC Bank Limited will post 1.65 EPS for the current year.
Hedge Funds Weigh In On HDFC Bank
A number of hedge funds have recently made changes to their positions in the stock. Elliott Investment Management L.P. boosted its holdings in HDFC Bank by 267.7% in the first quarter. Elliott Investment Management L.P. now owns 797,085 shares of the bank’s stock valued at $19,831,000 after acquiring an additional 580,329 shares during the last quarter. KBC Group NV raised its holdings in HDFC Bank by 26.9% during the 1st quarter. KBC Group NV now owns 404,884 shares of the bank’s stock worth $10,074,000 after purchasing an additional 85,882 shares during the last quarter. ABN Amro Investment Solutions raised its holdings in HDFC Bank by 66.0% during the 1st quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank’s stock worth $37,294,000 after purchasing an additional 595,912 shares during the last quarter. Raiffeisen Bank International AG lifted its position in shares of HDFC Bank by 999.2% in the 2nd quarter. Raiffeisen Bank International AG now owns 756,000 shares of the bank’s stock worth $19,588,000 after purchasing an additional 687,223 shares during the period. Finally, XY Capital Ltd lifted its position in shares of HDFC Bank by 143.5% in the 2nd quarter. XY Capital Ltd now owns 517,975 shares of the bank’s stock worth $13,379,000 after purchasing an additional 305,215 shares during the period. 17.61% of the stock is currently owned by institutional investors.
HDFC Bank Company Profile
HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.
Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.
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