HDFC Bank Limited $HDB Shares Bought by Royal Bank of Canada

Royal Bank of Canada grew its position in HDFC Bank Limited (NYSE:HDB) by 6.3% during the 1st quarter, Holdings Channel reports. The fund owned 42,418,483 shares of the bank’s stock after buying an additional 2,520,716 shares during the quarter. Royal Bank of Canada’s holdings in HDFC Bank were worth $1,055,372,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in HDB. Elliott Investment Management L.P. boosted its stake in shares of HDFC Bank by 267.7% in the first quarter. Elliott Investment Management L.P. now owns 797,085 shares of the bank’s stock valued at $19,831,000 after buying an additional 580,329 shares in the last quarter. SummitTX Capital L.P. acquired a new position in HDFC Bank during the first quarter worth $1,417,000. OMERS ADMINISTRATION Corp raised its position in HDFC Bank by 114.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 3,167,310 shares of the bank’s stock worth $78,803,000 after acquiring an additional 1,693,274 shares in the last quarter. Sustainable Insight Capital Management LLC raised its position in HDFC Bank by 46.1% in the first quarter. Sustainable Insight Capital Management LLC now owns 20,598 shares of the bank’s stock worth $512,000 after acquiring an additional 6,500 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in HDFC Bank in the first quarter valued at $3,217,000. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total transaction of $87,200.00. Following the completion of the transaction, the insider owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This represents a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HDB. Wall Street Zen downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Weiss Ratings raised HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold”.

HDFC Bank Price Performance

Shares of NYSE HDB opened at $23.61 on Wednesday. The company has a 50-day simple moving average of $24.79 and a 200-day simple moving average of $27.52. The company has a market cap of $120.42 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.10 and a beta of 0.64. HDFC Bank Limited has a 12 month low of $22.66 and a 12 month high of $38.81.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.02. HDFC Bank had a return on equity of 13.14% and a net margin of 15.96%.The company had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. On average, analysts anticipate that HDFC Bank Limited will post 1.67 EPS for the current year.

About HDFC Bank

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).