HDFC Bank Limited $HDB Stock: M&G PLC Cuts Position

M&G PLC reduced its position in HDFC Bank Limited (NYSE:HDB) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,209,463 shares of the bank’s stock after selling 280,737 shares during the period. M&G PLC’s holdings in HDFC Bank were worth $136,608,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Axiom Investment Management LLC purchased a new position in HDFC Bank in the first quarter valued at approximately $32,000. Integrated Wealth Concepts LLC purchased a new stake in HDFC Bank during the second quarter worth approximately $66,000. Boit C F David purchased a new stake in HDFC Bank during the third quarter worth approximately $69,000. Pinnacle Wealth Planning Services Inc. increased its position in shares of HDFC Bank by 33.3% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank’s stock worth $85,000 after acquiring an additional 952 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in shares of HDFC Bank by 215.5% in the second quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock worth $99,000 after acquiring an additional 2,642 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on HDB shares. Weiss Ratings downgraded shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. HSBC downgraded HDFC Bank from a “buy” rating to a “hold” rating and lowered their price target for the company from $30.80 to $26.10 in a report on Monday, August 31st. Wall Street Zen raised HDFC Bank from a “sell” rating to a “hold” rating in a research report on Saturday, October 24th. Finally, The Goldman Sachs Group initiated coverage on HDFC Bank in a research note on Friday, August 21st. They set a “buy” rating on the stock. 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.10.

HDFC Bank Stock Up 2.8%

Shares of NYSE:HDB opened at $25.84 on Tuesday. HDFC Bank Limited has a 52-week low of $21.36 and a 52-week high of $37.35. The company has a 50 day moving average of $22.82 and a two-hundred day moving average of $25.64. The company has a market capitalization of $132.56 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.34 and a beta of 0.64.

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

About HDFC Bank

HDFC Bank Limited is an India-based banking and financial services company headquartered in Mumbai. Incorporated in 1994, it began banking operations in 1995 and serves individuals, businesses and institutions across India.

The bank offers savings and current accounts, deposits, loans, credit and debit cards, payment services, and digital banking. Its business also includes wholesale banking, treasury services and wealth management. In 2023, HDFC Limited, a housing finance company, merged with HDFC Bank, bringing its housing finance activities into the bank.

HDFC Bank primarily serves the Indian market and also maintains a limited international presence.