HDFC Bank (NYSE:HDB) Shares Gap Down – What’s Next?

HDFC Bank Limited (NYSE:HDB) gapped down before the market opened on Friday . The stock had previously closed at $64.06, but opened at $62.66. HDFC Bank shares last traded at $62.37, with a volume of 242,203 shares.

Wall Street Analyst Weigh In

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

HDFC Bank Trading Down 2.4 %

The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $158.37 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.78 and a beta of 0.92. The business’s 50-day moving average is $64.88 and its two-hundred day moving average is $62.86.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings results on Saturday, October 19th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.09. The business had revenue of $9.21 billion for the quarter, compared to analyst estimates of $4.84 billion. HDFC Bank had a net margin of 14.48% and a return on equity of 12.49%. As a group, equities research analysts anticipate that HDFC Bank Limited will post 3.15 earnings per share for the current year.

Hedge Funds Weigh In On HDFC Bank

A number of large investors have recently modified their holdings of HDB. GAMMA Investing LLC raised its position in HDFC Bank by 84.2% in the fourth quarter. GAMMA Investing LLC now owns 2,238 shares of the bank’s stock worth $143,000 after acquiring an additional 1,023 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of HDFC Bank by 31.5% during the 3rd quarter. Principal Financial Group Inc. now owns 47,225 shares of the bank’s stock worth $2,954,000 after purchasing an additional 11,319 shares during the period. Franklin Resources Inc. increased its holdings in shares of HDFC Bank by 9.0% in the 3rd quarter. Franklin Resources Inc. now owns 6,803,828 shares of the bank’s stock valued at $420,477,000 after purchasing an additional 560,880 shares in the last quarter. Peapack Gladstone Financial Corp acquired a new stake in shares of HDFC Bank in the third quarter valued at about $353,000. Finally, Synovus Financial Corp boosted its holdings in HDFC Bank by 0.8% during the third quarter. Synovus Financial Corp now owns 89,591 shares of the bank’s stock worth $5,605,000 after buying an additional 711 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other 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.