SummitTX Capital L.P. acquired a new stake in HDFC Bank Limited (NYSE:HDB – Free Report) in the first quarter, HoldingsChannel.com reports. The firm acquired 56,972 shares of the bank’s stock, valued at approximately $1,417,000.
Several other institutional investors have also recently added to or reduced their stakes in the business. PineStone Asset Management Inc. increased its stake in shares of HDFC Bank by 1.9% during the 4th quarter. PineStone Asset Management Inc. now owns 8,315,726 shares of the bank’s stock valued at $303,857,000 after acquiring an additional 151,992 shares during the last quarter. KBC Group NV boosted its position in shares of HDFC Bank by 26.9% in the first quarter. KBC Group NV now owns 404,884 shares of the bank’s stock worth $10,074,000 after acquiring an additional 85,882 shares during the last quarter. M&T Bank Corp boosted its position in shares of HDFC Bank by 788.3% in the fourth quarter. M&T Bank Corp now owns 115,126 shares of the bank’s stock worth $4,206,000 after acquiring an additional 102,166 shares during the last quarter. ABN Amro Investment Solutions boosted its position in shares of HDFC Bank by 66.0% in the first quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank’s stock worth $37,294,000 after acquiring an additional 595,912 shares during the last quarter. Finally, Matthews International Capital Management LLC grew its holdings in HDFC Bank by 58.3% in the fourth quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank’s stock valued at $12,567,000 after purchasing an additional 126,650 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Weiss Ratings raised shares of HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 20th. Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.
Insiders Place Their Bets
In other HDFC Bank news, insider N Srinivasan sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $8.72, for a total value of $87,200.00. Following the transaction, the insider directly owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.
HDFC Bank Stock Performance
HDB stock opened at $24.04 on Thursday. HDFC Bank Limited has a 1 year low of $22.66 and a 1 year high of $38.72. The firm has a market cap of $122.66 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.11 and a beta of 0.64. The stock has a 50-day simple moving average of $24.78 and a 200-day simple moving average of $27.45.
HDFC Bank (NYSE:HDB – Get Free Report) last announced its earnings results on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, beating the consensus estimate of $0.38 by $0.02. The business had revenue of $9.01 billion for the quarter, compared to the consensus estimate of $5 billion. HDFC Bank had a return on equity of 13.12% and a net margin of 15.96%. On average, equities research analysts predict that HDFC Bank Limited will post 1.67 EPS for the current year.
HDFC Bank 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).
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