HDFC Bank (HDB) pushed the Banking industry lower today making it today's featured Banking loser. The industry as a whole closed the day up 0.9%. By the end of trading, HDFC Bank fell 38 cents (-1.3%) to $29.10 on average volume. Throughout the day, 1.2 million shares of HDFC Bank exchanged hands as compared to its average daily volume of one million shares. The stock ranged in price between $28.90-$30.12 after having opened the day at $30.09 as compared to the previous trading day's close of $29.48. Other company's within the Banking industry that declined today were: First Place Financial Corporation (FPFC), down 20.6%, Northeast Bancorp (NBN), down 9.9%, Summit State Bank (SSBI), down 8.5%, and Eastern Virginia Bankshares Inc (EVBS), down 7.8%. HDFC Bank Limited provides banking and financial services to individuals and businesses in India. The company offers savings, current, and demat accounts, as well as accepts fixed and recurring deposits. HDFC Bank has a market cap of $24.59 billion and is part of the financial sector. The company has a P/E ratio of 27.1, above the average banking industry P/E ratio of 26.8 and above the S&P 500 P/E ratio of 17.7. Shares are down 11.8% year to date as of the close of trading on Wednesday. TheStreet Ratings rates HDFC as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.
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