140,779 HDFC Bank Limited $HDB Shares Acquired by Pzena Investment Management LLC

Key Points

• Pzena Investment Management increased its HDFC Bank stake by 8.7%, buying 140,779 shares in the third quarter to hold 1,754,255 shares valued at $39.19 million.
• HDFC Bank’s quarterly earnings came in above expectations: EPS was $0.42 versus a $0.40 consensus estimate, while revenue totaled $8.20 billion.
• Analyst views are mixed, but the stock has an overall Hold rating and an average price target of $26.10.

Pzena Investment Management LLC lifted its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 8.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,754,255 shares of the bank's stock after acquiring an additional 140,779 shares during the period. Pzena Investment Management LLC's holdings in HDFC Bank were worth $39,190,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Axiom Investment Management LLC purchased a new stake in HDFC Bank in the 1st quarter valued at $32,000. Integrated Wealth Concepts LLC purchased a new position in HDFC Bank during the 2nd quarter worth $66,000. Boit C F David purchased a new position in HDFC Bank during the 3rd quarter worth $69,000. Pinnacle Wealth Planning Services Inc. grew its position in HDFC Bank by 33.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank's stock worth $85,000 after purchasing an additional 952 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in 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. 17.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

HDFC Bank Price Performance

NYSE:HDB opened at $24.35 on Thursday. The firm has a market cap of $124.96 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.27 and a beta of 0.64. The firm's fifty day moving average price is $22.68 and its 200 day moving average price is $25.74. HDFC Bank Limited has a 1-year low of $21.36 and a 1-year high of $37.35.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, October 17th. The bank reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $4.95 billion. As a group, analysts expect that HDFC Bank Limited will post 1.65 earnings per share for the current fiscal year.

About HDFC Bank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.

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