920,338 HDFC Bank Limited $HDB Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its HDFC Bank position by 52.7%, selling 920,338 shares in the third quarter and retaining 825,822 shares valued at approximately $18.45 million.
• Other institutional investors were generally buyers, including Perpetual Ltd., which increased its stake by 126%; hedge funds and institutions collectively own 17.61% of HDFC Bank.
• HDFC Bank matched analysts’ quarterly EPS estimate at $0.40 and exceeded revenue expectations with $5.10 billion. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $26.10.

Assenagon Asset Management S.A. lessened its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 52.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 825,822 shares of the bank's stock after selling 920,338 shares during the quarter. Assenagon Asset Management S.A.'s holdings in HDFC Bank were worth $18,449,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Formuepleje A S boosted its stake in HDFC Bank by 47.3% during the 3rd quarter. Formuepleje A S now owns 49,127 shares of the bank's stock valued at $1,097,000 after acquiring an additional 15,779 shares during the last quarter. Ninety One North America Inc. boosted its holdings in shares of HDFC Bank by 8.0% during the third quarter. Ninety One North America Inc. now owns 193,653 shares of the bank's stock valued at $4,326,000 after acquiring an additional 14,407 shares during the period. Euro Pacific Asset Management LLC acquired a new position in HDFC Bank during the 3rd quarter valued at about $1,772,000. Perpetual Ltd grew its holdings in HDFC Bank by 126.0% in the 3rd quarter. Perpetual Ltd now owns 3,518,236 shares of the bank's stock worth $78,597,000 after buying an additional 1,961,566 shares in the last quarter. Finally, Burkett Asset Management Ltd grew its stake in shares of HDFC Bank by 13.8% in the third quarter. Burkett Asset Management Ltd now owns 46,570 shares of the bank's stock worth $1,040,000 after purchasing an additional 5,640 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company's stock.

HDFC Bank Trading Down 0.0%

NYSE:HDB opened at $23.84 on Monday. HDFC Bank Limited has a 12-month low of $21.70 and a 12-month high of $37.45. 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. The stock has a fifty day moving average price of $22.91 and a 200 day moving average price of $24.26.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings results on Saturday, October 17th. The bank reported $0.40 earnings per share for the quarter, hitting the consensus estimate of $0.40. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $4.92 billion. Equities analysts forecast that HDFC Bank Limited will post 1.64 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on HDB. The Goldman Sachs Group began coverage on HDFC Bank in a report on Friday, August 21st. They issued a "buy" rating for the company. Zacks Research upgraded shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Weiss Ratings lowered shares of HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 25th. Wall Street Zen cut HDFC Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 18th. Finally, HSBC downgraded HDFC Bank from a "buy" rating to a "hold" rating and cut their price objective for the company from $30.80 to $26.10 in a research report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $26.10.

HDFC Bank Profile

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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