Sumitomo Mitsui Trust Group Inc. Sells 249,173 Shares of HDFC Bank Limited $HDB

Sumitomo Mitsui Trust Group Inc. reduced its holdings in HDFC Bank Limited (NYSE:HDB) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,528,622 shares of the bank’s stock after selling 249,173 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in HDFC Bank were worth $56,489,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Axiom Investment Management LLC purchased a new stake in HDFC Bank in the first quarter worth $32,000. Integrated Wealth Concepts LLC purchased a new position in HDFC Bank during the 2nd quarter valued at $66,000. Pinnacle Wealth Planning Services Inc. increased its position in HDFC Bank by 33.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank’s stock valued at $85,000 after purchasing an additional 952 shares during the period. TD Waterhouse Canada Inc. increased its position in HDFC Bank by 215.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock valued at $99,000 after purchasing an additional 2,642 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in HDFC Bank in the 1st quarter worth $102,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. HSBC cut shares of HDFC Bank from a “buy” rating to a “hold” rating and dropped their target price for the stock from $30.80 to $26.10 in a research report on Monday, August 31st. Weiss Ratings cut shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 25th. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. The Goldman Sachs Group initiated coverage on shares of HDFC Bank in a research note on Friday, August 21st. They issued a “buy” rating for the company. Finally, Wall Street Zen upgraded shares of HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, HDFC Bank has a consensus rating of “Hold” and an average price target of $26.10.

HDFC Bank Trading Up 1.4%

Shares of HDFC Bank stock opened at $23.02 on Wednesday. The firm has a market capitalization of $118.14 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.25 and a beta of 0.64. The business has a fifty day simple moving average of $22.67 and a two-hundred day simple moving average of $25.78. HDFC Bank Limited has a 12 month low of $21.36 and a 12 month high of $37.35.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, October 17th. The bank reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The firm had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $4.95 billion. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. Analysts predict that HDFC Bank Limited will post 1.65 earnings per share for the current year.

About HDFC Bank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.