HDFC Bank Limited $HDB Stock Acquired by PineStone Asset Management Inc.

PineStone Asset Management Inc. lifted its stake in shares of HDFC Bank Limited (NYSE:HDB) by 11.4% in the 3rd quarter, Holdings Channel reports. The fund owned 4,878,732 shares of the bank’s stock after acquiring an additional 498,886 shares during the quarter. HDFC Bank accounts for approximately 0.7% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 28th biggest position. PineStone Asset Management Inc.’s holdings in HDFC Bank were worth $108,991,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vontobel Holding Ltd. raised its holdings in shares of HDFC Bank by 0.5% in the third quarter. Vontobel Holding Ltd. now owns 232,512 shares of the bank’s stock valued at $5,194,000 after purchasing an additional 1,088 shares during the last quarter. Formuepleje A S lifted its position in shares of HDFC Bank by 47.3% in the third quarter. Formuepleje A S now owns 49,127 shares of the bank’s stock worth $1,097,000 after purchasing an additional 15,779 shares in the last quarter. Ninety One North America Inc. lifted its position in shares of HDFC Bank by 8.0% in 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 acquired a new position in HDFC Bank during the third quarter worth $1,772,000. Finally, Perpetual Ltd boosted its stake in shares of HDFC Bank by 126.0% during the 3rd quarter. Perpetual Ltd now owns 3,518,236 shares of the bank’s stock worth $78,597,000 after buying an additional 1,961,566 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on HDB. Wall Street Zen cut HDFC Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. HSBC lowered HDFC Bank from a “buy” rating to a “hold” rating and lowered their price target for the stock from $30.80 to $26.10 in a research report on Monday, August 31st. Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. 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, Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $26.10.

HDFC Bank Price Performance

HDB stock opened at $23.84 on Friday. The stock has a market cap of $122.32 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 1.16 and a beta of 0.61. The company has a fifty day moving average price of $22.91 and a two-hundred day moving average price of $24.26. HDFC Bank Limited has a one year low of $21.70 and a one year high of $37.45.

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

HDFC Bank Profile

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.