HDFC Bank (NYSE:HDB) Shares Gap Up to $61.65

Shares of HDFC Bank Limited (NYSE:HDB) gapped up before the market opened on Thursday . The stock had previously closed at $61.65, but opened at $63.42. HDFC Bank shares last traded at $63.08, with a volume of 460,005 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of HDFC Bank from a “hold” rating to a “sell” rating in a report on Thursday, June 13th.

HDFC Bank Price Performance

The company has a current ratio of 0.40, a quick ratio of 0.52 and a debt-to-equity ratio of 1.78. The stock has a 50 day simple moving average of $58.13 and a 200-day simple moving average of $58.59. The firm has a market cap of $117.97 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 1.15 and a beta of 0.91.

HDFC Bank (NYSE:HDB) last released its quarterly earnings data on Saturday, April 20th. The bank reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.13. The firm had revenue of $9.72 billion during the quarter. HDFC Bank had a return on equity of 15.45% and a net margin of 15.71%. Equities analysts anticipate that HDFC Bank Limited will post 3.12 earnings per share for the current fiscal year.

HDFC Bank Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Wednesday, May 8th. Stockholders of record on Thursday, May 9th were given a dividend of $0.7008 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a dividend yield of 1%. This is a boost from HDFC Bank’s previous annual dividend of $0.59. HDFC Bank’s dividend payout ratio (DPR) is presently 18.40%.

Hedge Funds Weigh In On HDFC Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its holdings in shares of HDFC Bank by 33.7% during the 3rd quarter. Rhumbline Advisers now owns 242,353 shares of the bank’s stock valued at $14,301,000 after purchasing an additional 61,070 shares during the last quarter. Kestra Advisory Services LLC increased its position in HDFC Bank by 11.6% in the third quarter. Kestra Advisory Services LLC now owns 5,184 shares of the bank’s stock worth $306,000 after purchasing an additional 537 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in HDFC Bank during the third quarter valued at $1,311,000. Clearbridge Investments LLC bought a new position in HDFC Bank during the third quarter valued at $1,145,000. Finally, Northern Trust Corp grew its stake in shares of HDFC Bank by 13.1% in the 3rd quarter. Northern Trust Corp now owns 385,864 shares of the bank’s stock worth $22,770,000 after buying an additional 44,648 shares in the last quarter. Institutional investors own 17.61% of the company’s stock.

HDFC Bank Company Profile

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.