M&G PLC Purchases 2,208,824 Shares of HDFC Bank Limited $HDB

M&G PLC increased its holdings in HDFC Bank Limited (NYSE:HDB) by 184.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,407,929 shares of the bank’s stock after buying an additional 2,208,824 shares during the period. HDFC Bank accounts for approximately 1.4% of M&G PLC’s portfolio, making the stock its 16th largest holding. M&G PLC owned approximately 0.13% of HDFC Bank worth $262,411,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of HDFC Bank by 18.0% in the 1st quarter. Principal Financial Group Inc. now owns 57,425 shares of the bank’s stock valued at $3,815,000 after acquiring an additional 8,746 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of HDFC Bank by 41.6% during the first quarter. Cerity Partners LLC now owns 92,121 shares of the bank’s stock worth $6,121,000 after purchasing an additional 27,052 shares in the last quarter. Xponance Inc. bought a new position in shares of HDFC Bank in the first quarter worth approximately $258,000. Apollon Wealth Management LLC bought a new position in shares of HDFC Bank in the first quarter worth approximately $228,000. Finally, Dakota Wealth Management purchased a new stake in HDFC Bank in the first quarter valued at approximately $271,000. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Stock Performance

Shares of HDFC Bank stock opened at $36.73 on Wednesday. HDFC Bank Limited has a 52-week low of $28.89 and a 52-week high of $39.81. The company has a fifty day moving average of $35.50 and a 200-day moving average of $36.71. The stock has a market capitalization of $187.36 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.92 and a beta of 0.69.

HDFC Bank (NYSE:HDB) last issued its earnings results on Saturday, October 18th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.08. HDFC Bank had a net margin of 14.94% and a return on equity of 11.49%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.98 billion. On average, equities research analysts forecast that HDFC Bank Limited will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

HDB has been the subject of a number of research reports. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of HDFC Bank in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, HDFC Bank currently has a consensus rating of “Moderate Buy”.

HDFC Bank Company Profile

HDFC Bank Limited provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in three segments: Wholesale Banking, Retail Banking, and Treasury Services. It accepts savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits.