HDFC Bank (NYSE:HDB) Shares Gap Down – Here’s Why

HDFC Bank Limited (NYSE:HDB) shares gapped down prior to trading on Tuesday . The stock had previously closed at $66.44, but opened at $64.74. HDFC Bank shares last traded at $64.86, with a volume of 777,611 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Nomura raised shares of HDFC Bank from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Nomura Securities raised HDFC Bank from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 23rd.

HDFC Bank Stock Performance

The firm has a 50-day moving average price of $61.41 and a two-hundred day moving average price of $62.74. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.09 and a quick ratio of 0.09. The firm has a market capitalization of $167.49 billion, a P/E ratio of 20.10, a P/E/G ratio of 2.12 and a beta of 0.92.

HDFC Bank (NYSE:HDB) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.08. HDFC Bank had a net margin of 14.64% and a return on equity of 12.19%. On average, analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

Institutional Investors Weigh In On HDFC Bank

A number of institutional investors and hedge funds have recently bought and sold shares of HDB. Glenmede Trust Co. NA grew its holdings in HDFC Bank by 3.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 4,807 shares of the bank’s stock worth $301,000 after acquiring an additional 167 shares in the last quarter. Waverton Investment Management Ltd boosted its position in HDFC Bank by 1.0% during the 4th quarter. Waverton Investment Management Ltd now owns 19,963 shares of the bank’s stock valued at $1,275,000 after acquiring an additional 203 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in shares of HDFC Bank by 63.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 617 shares of the bank’s stock worth $39,000 after acquiring an additional 240 shares in the last quarter. Level Four Advisory Services LLC lifted its stake in shares of HDFC Bank by 3.6% during the 4th quarter. Level Four Advisory Services LLC now owns 6,855 shares of the bank’s stock worth $438,000 after purchasing an additional 241 shares during the last quarter. Finally, Baron Wealth Management LLC boosted its position in HDFC Bank by 3.7% during the fourth quarter. Baron Wealth Management LLC now owns 7,360 shares of the bank’s stock valued at $470,000 after purchasing an additional 263 shares in the last quarter. 17.61% of the stock is owned by institutional investors.

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.