HDFC Bank Limited $HDB Shares Sold by Channel Wealth LLC

Channel Wealth LLC lessened its stake in HDFC Bank Limited (NYSE:HDB) by 88.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,874 shares of the bank’s stock after selling 108,164 shares during the quarter. Channel Wealth LLC’s holdings in HDFC Bank were worth $310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Axiom Investment Management LLC purchased a new stake in shares of HDFC Bank during the first quarter valued at approximately $32,000. Integrated Wealth Concepts LLC acquired a new position in shares of HDFC Bank during the second quarter worth $66,000. Boit C F David acquired a new position in shares of HDFC Bank during the third quarter worth $69,000. Pinnacle Wealth Planning Services Inc. boosted its stake 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 valued at $85,000 after purchasing an additional 952 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake 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 valued at $99,000 after purchasing an additional 2,642 shares during the period. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. HSBC lowered shares of HDFC Bank from a “buy” rating to a “hold” rating and cut their price objective for the stock from $30.80 to $26.10 in a report on Monday, August 31st. The Goldman Sachs Group began coverage on shares of HDFC Bank in a research report on Friday, August 21st. They issued a “buy” rating for the company. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Weiss Ratings downgraded HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.10.

HDFC Bank Trading Up 0.6%

HDFC Bank stock opened at $25.86 on Friday. The stock has a market cap of $132.72 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.42 and a beta of 0.64. The stock has a 50 day moving average of $23.05 and a 200-day moving average of $25.51. HDFC Bank Limited has a 52 week low of $21.36 and a 52 week high of $37.35.

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

HDFC Bank Company Profile

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.