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

HDFC Bank Limited (NYSE:HDB)’s share price gapped down before the market opened 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 changing hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on HDB. Nomura raised shares of HDFC Bank from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Nomura Securities upgraded shares of HDFC Bank from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 23rd.

HDFC Bank Trading Down 2.0 %

The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 1.26. The firm has a market cap of $164.83 billion, a P/E ratio of 19.78, a P/E/G ratio of 2.12 and a beta of 0.92. The stock has a 50 day simple moving average of $61.17 and a 200-day simple moving average of $62.70.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.82 earnings per share for the quarter, topping the consensus estimate 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, equities research analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Thrivent Financial for Lutherans lifted its stake in shares of HDFC Bank by 105.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 6,503 shares of the bank’s stock valued at $407,000 after purchasing an additional 3,333 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in HDFC Bank by 62.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 3,846 shares of the bank’s stock valued at $241,000 after buying an additional 1,481 shares during the period. Bank of Montreal Can lifted its position in HDFC Bank by 44.0% in the third quarter. Bank of Montreal Can now owns 79,026 shares of the bank’s stock worth $5,085,000 after buying an additional 24,159 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in HDFC Bank by 4.1% during the third quarter. The Manufacturers Life Insurance Company now owns 257,516 shares of the bank’s stock worth $16,110,000 after buying an additional 10,256 shares during the period. Finally, Glenmede Trust Co. NA increased its position in HDFC Bank by 3.6% during the third quarter. Glenmede Trust Co. NA now owns 4,807 shares of the bank’s stock valued at $301,000 after acquiring an additional 167 shares during 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.