HDFC Bank Limited $HDB Stock: Ninety One UK Ltd Trims Holdings

Ninety One UK Ltd decreased its position in shares of HDFC Bank Limited (NYSE:HDB) by 27.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 663,898 shares of the bank’s stock after selling 251,164 shares during the quarter. Ninety One UK Ltd’s holdings in HDFC Bank were worth $14,831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Formuepleje A S increased its stake in HDFC Bank by 47.3% in the 3rd quarter. Formuepleje A S now owns 49,127 shares of the bank’s stock valued at $1,097,000 after purchasing an additional 15,779 shares in the last quarter. Ninety One North America Inc. boosted its position in HDFC Bank by 8.0% during the third quarter. Ninety One North America Inc. now owns 193,653 shares of the bank’s stock worth $4,326,000 after purchasing an additional 14,407 shares in the last quarter. Euro Pacific Asset Management LLC purchased a new stake in HDFC Bank during the third quarter worth $1,772,000. Perpetual Ltd boosted its position in HDFC Bank by 126.0% during the third quarter. Perpetual Ltd now owns 3,518,236 shares of the bank’s stock worth $78,597,000 after purchasing an additional 1,961,566 shares in the last quarter. Finally, Burkett Asset Management Ltd boosted its position in HDFC Bank by 13.8% during the third quarter. Burkett Asset Management Ltd now owns 46,570 shares of the bank’s stock worth $1,040,000 after purchasing an additional 5,640 shares in the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HSBC cut HDFC Bank from a “buy” rating to a “hold” rating and dropped their price target for the company from $30.80 to $26.10 in a research report on Monday, August 31st. The Goldman Sachs Group assumed coverage on HDFC Bank in a research note on Friday, August 21st. They set a “buy” rating for the company. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen cut shares of HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. Finally, Weiss Ratings cut shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.10.

HDFC Bank Price Performance

Shares of HDB opened at $23.54 on Friday. HDFC Bank Limited has a 1-year low of $21.70 and a 1-year high of $37.45. The stock has a market cap of $120.76 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61. The firm has a 50 day simple moving average of $22.90 and a 200-day simple moving average of $24.27.

HDFC Bank (NYSE:HDB) last posted its earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. The firm had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%. On average, equities analysts expect that HDFC Bank Limited will post 1.64 earnings per share for the current fiscal year.

About HDFC Bank

HDFC Bank Limited is a financial services company headquartered in Mumbai, India. Established in 1994, it operates as a private-sector commercial bank serving individuals, businesses, institutions and government-related entities.

The bank offers a broad range of products and services, including savings and current accounts, fixed deposits, personal and home loans, vehicle and business financing, credit and debit cards, payments, remittances, investment products and insurance distribution.