HDFC Bank (NYSE:HDB) Upgraded by Nomura to Buy Rating

Nomura upgraded shares of HDFC Bank (NYSE:HDB) from a neutral rating to a buy rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports.

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

HDFC Bank Price Performance

HDB stock opened at $58.95 on Thursday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.53 and a quick ratio of 0.53. HDFC Bank has a 1 year low of $52.16 and a 1 year high of $68.50. The firm has a 50-day moving average of $63.82 and a 200 day moving average of $62.42. The company has a market cap of $149.27 billion, a P/E ratio of 17.92, a PEG ratio of 1.67 and a beta of 0.92.

HDFC Bank (NYSE:HDB) last announced its earnings results 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%. On average, sell-side analysts forecast that HDFC Bank will post 3.13 EPS for the current year.

Hedge Funds Weigh In On HDFC Bank

A number of institutional investors and hedge funds have recently made changes to their positions in HDB. Pin Oak Investment Advisors Inc. grew its stake in shares of HDFC Bank by 104.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 498 shares of the bank’s stock worth $31,000 after buying an additional 254 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of HDFC Bank in the third quarter worth $38,000. JFS Wealth Advisors LLC increased its holdings in shares of HDFC Bank by 70.2% during the third quarter. JFS Wealth Advisors LLC now owns 667 shares of the bank’s stock valued at $42,000 after acquiring an additional 275 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of HDFC Bank in the 3rd quarter worth about $65,000. Finally, GAMMA Investing LLC boosted its stake in HDFC Bank by 34.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,215 shares of the bank’s stock worth $76,000 after purchasing an additional 312 shares in the last quarter. Institutional investors own 17.61% of the company’s stock.

About HDFC Bank

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.