498,886 HDFC Bank Limited $HDB Shares Bought by PineStone Asset Management Inc.

Key Points

• PineStone Asset Management increased its HDFC Bank stake by 11.4%, buying 498,886 shares to hold 4.88 million shares valued at approximately $109 million.
• Several other major institutional investors also expanded their positions, bringing institutional and hedge-fund ownership to 17.61% of HDFC Bank.
• HDFC Bank’s latest quarterly results exceeded expectations, with EPS of $0.40 versus a $0.38 estimate; however, analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $26.10.

PineStone Asset Management Inc. lifted its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 11.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,878,732 shares of the bank's stock after purchasing an additional 498,886 shares during the period. HDFC Bank makes up about 0.7% of PineStone Asset Management Inc.'s investment portfolio, making the stock its 28th biggest position. PineStone Asset Management Inc. owned approximately 0.10% of HDFC Bank worth $108,991,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Principal Financial Group Inc. raised its position in shares of HDFC Bank by 16,808.5% during the 1st quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank's stock valued at $447,289,000 after acquiring an additional 17,871,520 shares during the last quarter. Bank of America Corp DE boosted its position in shares of HDFC Bank by 40.7% in the 1st quarter. Bank of America Corp DE now owns 10,549,235 shares of the bank's stock worth $262,465,000 after purchasing an additional 3,051,055 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of HDFC Bank in the 2nd quarter worth $65,204,000. Royal Bank of Canada grew its stake in shares of HDFC Bank by 6.3% during the first quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank's stock worth $1,055,372,000 after purchasing an additional 2,520,716 shares during the period. Finally, NINE MASTS CAPITAL Ltd grew its stake in shares of HDFC Bank by 105.5% during the second quarter. NINE MASTS CAPITAL Ltd now owns 3,905,609 shares of the bank's stock worth $100,882,000 after purchasing an additional 2,004,800 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

HDFC Bank Stock Performance

HDB opened at $23.84 on Friday. The firm's fifty day moving average is $22.91 and its two-hundred day moving average is $24.26. The firm has a market cap of $122.32 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.16 and a beta of 0.61. HDFC Bank Limited has a twelve month low of $21.70 and a twelve month high of $37.45.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.02. HDFC Bank had a net margin of 15.96% and a return on equity of 11.84%. The company had revenue of $9.01 billion during the quarter, compared to analyst estimates of $5 billion. Equities analysts forecast that HDFC Bank Limited will post 1.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HDB has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on HDFC Bank in a report on Friday, August 21st. They issued a "buy" rating for the company. HSBC cut HDFC Bank from a "buy" rating to a "hold" rating and reduced their target price for the stock from $30.80 to $26.10 in a report on Monday, August 31st. Weiss Ratings lowered HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 25th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Wall Street Zen cut HDFC Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 18th. One investment 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. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $26.10.

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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