PineStone Asset Management Inc. Acquires 4,089,267 Shares of HDFC Bank Limited $HDB

PineStone Asset Management Inc. lifted its holdings in HDFC Bank Limited (NYSE:HDB) by 100.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 8,163,734 shares of the bank’s stock after acquiring an additional 4,089,267 shares during the quarter. HDFC Bank accounts for about 1.7% of PineStone Asset Management Inc.’s holdings, making the stock its 20th biggest holding. PineStone Asset Management Inc. owned approximately 0.16% of HDFC Bank worth $278,873,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. New Vernon Capital Holdings II LLC purchased a new position in HDFC Bank in the 1st quarter worth $1,546,956,000. Royal Bank of Canada increased its holdings in shares of HDFC Bank by 53.5% in the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank’s stock worth $745,107,000 after buying an additional 3,907,637 shares during the period. Schroder Investment Management Group lifted its stake in shares of HDFC Bank by 19.0% in the 2nd quarter. Schroder Investment Management Group now owns 10,614,708 shares of the bank’s stock valued at $813,830,000 after acquiring an additional 1,692,243 shares during the last quarter. Temasek Holdings Private Ltd boosted its holdings in HDFC Bank by 3.9% during the 1st quarter. Temasek Holdings Private Ltd now owns 8,895,662 shares of the bank’s stock valued at $591,028,000 after acquiring an additional 337,874 shares during the period. Finally, Franklin Resources Inc. grew its position in HDFC Bank by 0.3% during the 2nd quarter. Franklin Resources Inc. now owns 6,737,503 shares of the bank’s stock worth $516,564,000 after acquiring an additional 21,706 shares during the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HDB. Wall Street Zen downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of HDFC Bank in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, HDFC Bank presently has a consensus rating of “Moderate Buy”.

HDFC Bank Stock Up 0.1%

NYSE:HDB opened at $36.45 on Friday. The firm’s fifty day simple moving average is $36.24 and its 200 day simple moving average is $36.55. The stock has a market cap of $185.92 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 1.64 and a beta of 0.58. HDFC Bank Limited has a twelve month low of $28.89 and a twelve month high of $39.81.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings data on Saturday, October 18th. The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.36 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $4.98 billion. HDFC Bank had a net margin of 14.94% and a return on equity of 11.49%. On average, analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank Profile

HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).