HDFC Bank Limited (NYSE:HDB) Raises Dividend to $0.70 Per Share

HDFC Bank Limited (NYSE:HDB) declared an annual dividend on Thursday, May 2nd, Wall Street Journal reports. Shareholders of record on Thursday, May 9th will be paid a dividend of 0.7008 per share by the bank on Wednesday, May 8th. This represents a dividend yield of 1%. The ex-dividend date of this dividend is Wednesday, May 8th. This is an increase from HDFC Bank’s previous annual dividend of $0.59.

HDFC Bank has a payout ratio of 17.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect HDFC Bank to earn $3.62 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 18.8%.

HDFC Bank Trading Up 1.3 %

HDB stock traded up $0.73 during midday trading on Thursday, reaching $58.87. The stock had a trading volume of 1,754,418 shares, compared to its average volume of 3,477,110. The business has a fifty day simple moving average of $56.42 and a two-hundred day simple moving average of $58.55. The company has a quick ratio of 0.52, a current ratio of 0.40 and a debt-to-equity ratio of 1.78. The firm has a market cap of $109.49 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 1.08 and a beta of 0.85. HDFC Bank has a twelve month low of $52.16 and a twelve month high of $71.39.

Analysts Set New Price Targets

Separately, StockNews.com lowered HDFC Bank from a “hold” rating to a “sell” rating in a research report on Monday, April 22nd.

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.