Ninety One UK Ltd Sells 251,164 Shares of HDFC Bank Limited $HDB

Ninety One UK Ltd trimmed its position in HDFC Bank Limited (NYSE:HDB) by 27.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 663,898 shares of the bank’s stock after selling 251,164 shares during the period. Ninety One UK Ltd’s holdings in HDFC Bank were worth $14,831,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Axiom Investment Management LLC purchased a new stake in shares of HDFC Bank during the first quarter worth about $32,000. Bell Investment Advisors Inc raised its position in shares of HDFC Bank by 260.9% in the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock valued at $34,000 after buying an additional 1,002 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of HDFC Bank during the second quarter valued at approximately $66,000. TD Waterhouse Canada Inc. lifted its stake in shares of HDFC Bank by 215.5% during the second quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock valued at $99,000 after buying an additional 2,642 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in shares of HDFC Bank during the first quarter valued at approximately $102,000. 17.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on HDB. The Goldman Sachs Group started coverage on shares of HDFC Bank in a research report on Friday, August 21st. They set a “buy” rating on the stock. HSBC downgraded HDFC Bank from a “buy” rating to a “hold” rating and cut their price target for the company from $30.80 to $26.10 in a report on Monday, August 31st. Wall Street Zen lowered HDFC Bank from a “hold” rating to a “sell” rating in a research note 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 cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 25th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.10.

HDFC Bank Trading Up 4.0%

Shares of NYSE:HDB opened at $23.54 on Friday. The firm has a market cap of $120.76 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.11 and a beta of 0.61. The stock’s 50-day moving average price is $22.90 and its two-hundred day moving average price is $24.27. HDFC Bank Limited has a 12-month low of $21.70 and a 12-month high of $37.45.

HDFC Bank (NYSE:HDB) last posted its quarterly earnings data 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 company had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $5 billion. As a group, research analysts forecast that HDFC Bank Limited will post 1.64 earnings per share for the current fiscal year.

About HDFC Bank

HDFC Bank Limited is a financial services company headquartered in Mumbai, India. Established in 1994, it operates as a private-sector commercial bank serving individuals, businesses, institutions and government-related entities.

The bank offers a broad range of products and services, including savings and current accounts, fixed deposits, personal and home loans, vehicle and business financing, credit and debit cards, payments, remittances, investment products and insurance distribution.