23,283,499 Shares in HDFC Bank Limited $HDB Acquired by New Vernon Capital Holdings II LLC

Key Points

• New Vernon Capital Holdings II LLC acquired 23,283,499 shares of HDFC Bank valued at approximately $1.55 billion, making it the fund's second largest holding.
• HDFC Bank reported a quarterly earnings per share (EPS) of $0.74, which missed the consensus estimate of $0.75, despite revenues exceeding expectations at $5.10 billion.
• The company declared a special dividend of $0.1707, representing a yield of 101.0%, and has a dividend payout ratio of 19.63%.

New Vernon Capital Holdings II LLC purchased a new stake in HDFC Bank Limited (NYSE:HDB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 23,283,499 shares of the bank's stock, valued at approximately $1,546,956,000. HDFC Bank accounts for 7.0% of New Vernon Capital Holdings II LLC's investment portfolio, making the stock its 2nd biggest holding. New Vernon Capital Holdings II LLC owned about 0.92% of HDFC Bank as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in HDB. Bank Pictet & Cie Europe AG increased its stake in shares of HDFC Bank by 451.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 19,490 shares of the bank's stock valued at $1,245,000 after purchasing an additional 15,955 shares during the period. Tudor Investment Corp ET AL acquired a new stake in shares of HDFC Bank in the fourth quarter valued at approximately $580,000. AQR Capital Management LLC increased its stake in shares of HDFC Bank by 6.1% in the fourth quarter. AQR Capital Management LLC now owns 75,672 shares of the bank's stock valued at $4,823,000 after purchasing an additional 4,320 shares during the period. Bridgefront Capital LLC acquired a new stake in shares of HDFC Bank in the fourth quarter valued at approximately $333,000. Finally, Cetera Investment Advisers increased its stake in shares of HDFC Bank by 2.1% in the fourth quarter. Cetera Investment Advisers now owns 16,052 shares of the bank's stock valued at $1,025,000 after purchasing an additional 324 shares during the period. Institutional investors and hedge funds own 17.61% of the company's stock.

HDFC Bank Stock Up 0.8%

HDFC Bank stock traded up $0.29 during mid-day trading on Wednesday, hitting $35.29. The company's stock had a trading volume of 1,405,013 shares, compared to its average volume of 4,971,251. The stock has a market capitalization of $180.01 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.82 and a beta of 0.63. HDFC Bank Limited has a twelve month low of $28.89 and a twelve month high of $39.81. The stock's fifty day moving average price is $37.41 and its two-hundred day moving average price is $35.68.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its quarterly earnings results on Saturday, July 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The business had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.03 billion. HDFC Bank had a return on equity of 11.60% and a net margin of 14.49%. Equities analysts expect that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Announces Dividend

The company also recently disclosed a special dividend, which was paid on Wednesday, August 20th. Investors of record on Thursday, July 31st were paid a $0.0854 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a yield of 101.0%. HDFC Bank's dividend payout ratio (DPR) is currently 9.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on HDB shares. Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Zacks Research lowered shares of HDFC Bank from a "hold" rating to a "strong sell" rating in a research note on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company 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.