HDFC Dividend: Macquarie Sets Highest Target Price; Board To Consider Dividend On April 20

large-cap private sector bank The board of directors of HDFC Bank will meet on April 20 to discuss the company’s financial performance and interim dividend. HDFC Bank shares last traded at Rs 1431.10 on the BSE, down 1.23% on the day. The market capitalization of the bank is Rs 10,87,152.91 crore.

The ROE of HDFC Bank is 13.91 and its PE is 19.28. Arvind Kapil, Group Head Retail Assets – Home Loans, resigned from the bank earlier on Tuesday. Kapil was a member of the senior management team. View the information below:

In accordance with HDFC Bank’s March 20, 2024 regulatory filing, “We wish to inform you that the meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) will be held on Saturday, April 20, 2024 to consider, among other things, the following:…”

a) The consolidated accounts and the audited financial statements for the year that concluded on March 31, 2024

b) A recommendation for a dividend on the Bank’s equity shares for the fiscal year that ends on March 31, 2024.”

According to the relevant SEBI rules, the trading window for the Bank’s shares would be closed for the selected employees, directors, etc. from March 25, 2024 to April 22, 2024 (both days inclusive), the BSE filing said.

Performance and Return of HDFC Bank Shares: The 52-week high and 52-week low prices of HDFC Bank stock on the BSE are Rs 1757.80 and Rs 1363.45, respectively. The shares of HDFC Bank have dropped 15% so far this year, 8% during the previous six months, and more than 8% over the previous year. In the last two years, HDFC Bank’s stock returned more than 24% while falling more than 3%. HDFC Bank NSE’s most recent market price is Rs 1432.00 per share, down 1.20 percent on the day.

History of HDFC Bank Dividends: Since April 20, 2001, HDFC Bank has declared 24 dividends. The private sector lender declared an equity dividend of Rs 19.00 per share throughout the last 12 months. The dividend yield on HDFC Bank’s shares, which are now trading at Rs 1431.10 per, is 1.33%.

History of HDFC Bank Stock Splits: Since July 14, 2011, HDFC Bank has conducted two stock splits. In 2019, HDFC Bank divided its share face value from Rs 2 to Re 1.On September 19, 2019 (ex-split), the share traded. Prior to this, HDFC Bank announced a 1:4 stock split in 2011, lowering the stock’s face value from Rs. 10 to Rs. 2, making it more accessible.

Three Brokers Suggest Buying, Adopt a Neutral Attitude

Buy: Jefferies has opted to stick with its buy call strategy on the counter, with a target price of Rs 1800 per share. The analyst thinks that the departure of top management is bad and that a seamless transition is essential. According to Jefferies, Arvind Kapil, the bank’s head of mortgages, has left to become the MD and CEO of Poonawalla Fincorp effective June 20, 2024. Given his seniority, the likelihood of team attrition, and several recent departures from HDFC Bank to join Bandhan Bank, this is a little concerning.

Nomura Retains Neutral Call: Nomura stated that it was keeping a neutral call on HDFC Bank shares, with a target price of Rs 1625. As the bank has shown in the past, HDFC Bank has a substantial depth in top management.

Macquarie Offers a Buy: Macquarie has maintained an outperformance outlook, indicating a 44.99% possible return at the maximum target price of Rs 2075.