HDFC Bank (NYSE:HDB) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

HDFC Bank (NYSE:HDB) posted its quarterly earnings data on Tuesday. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.04, Zacks reports. The firm had revenue of $16.48 billion for the quarter, compared to analysts’ expectations of $5.12 billion. HDFC Bank had a return on equity of 11.06% and a net margin of 14.92%.

HDFC Bank Trading Down 0.9%

Shares of HDB stock opened at $32.35 on Wednesday. HDFC Bank has a 12 month low of $29.04 and a 12 month high of $39.81. The stock has a market capitalization of $165.03 billion, a P/E ratio of 19.43, a PEG ratio of 1.32 and a beta of 0.57. The firm’s 50 day moving average is $35.42 and its 200 day moving average is $36.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of HDFC Bank by 9,866.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank’s stock valued at $271,381,000 after buying an additional 7,864,692 shares during the period. Wellington Management Group LLP raised its holdings in shares of HDFC Bank by 94.3% in the 3rd quarter. Wellington Management Group LLP now owns 13,155,196 shares of the bank’s stock valued at $449,381,000 after purchasing an additional 6,386,002 shares in the last quarter. Invesco Ltd. lifted its stake in HDFC Bank by 98.3% during the third quarter. Invesco Ltd. now owns 12,338,006 shares of the bank’s stock worth $421,466,000 after purchasing an additional 6,115,797 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of HDFC Bank by 107.8% in the 3rd quarter. Lazard Asset Management LLC now owns 11,476,763 shares of the bank’s stock valued at $392,046,000 after buying an additional 5,952,801 shares during the last quarter. Finally, Sustainable Growth Advisers LP grew its stake in HDFC Bank by 48.2% during the 3rd quarter. Sustainable Growth Advisers LP now owns 10,914,957 shares of the bank’s stock worth $372,855,000 after buying an additional 3,548,274 shares during the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Analysts Set New Price Targets

HDB has been the subject of a number of research reports. Weiss Ratings cut shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, January 12th. Wall Street Zen downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research report on Saturday, January 3rd. Finally, Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

HDFC Bank Company 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).