Alberta Investment Management Corp Decreases Holdings in HDFC Bank Limited (NYSE:HDB)

Key Points

• Alberta Investment Management Corp significantly reduced its stake in HDFC Bank by 50.1%, selling 82,973 shares during the first quarter.
• Despite the sell-off, HDFC Bank's stock remains attractive with a current market cap of $194.99 billion and a price-to-earnings ratio of 23.62.
• Analysts upgraded HDFC Bank from a "sell" to a "hold" rating, suggesting a more positive outlook for the bank's future performance.

Alberta Investment Management Corp decreased its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 50.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,623 shares of the bank's stock after selling 82,973 shares during the quarter. Alberta Investment Management Corp's holdings in HDFC Bank were worth $5,489,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Larson Financial Group LLC grew its position in HDFC Bank by 1,217.1% in the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock worth $31,000 after purchasing an additional 426 shares during the period. Cullen Frost Bankers Inc. grew its holdings in shares of HDFC Bank by 448.7% in the first quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock worth $41,000 after acquiring an additional 507 shares during the period. NBC Securities Inc. purchased a new stake in HDFC Bank during the first quarter valued at $55,000. Pinnacle Bancorp Inc. lifted its holdings in HDFC Bank by 109.7% in the first quarter. Pinnacle Bancorp Inc. now owns 847 shares of the bank's stock valued at $56,000 after acquiring an additional 443 shares during the period. Finally, Atlas Capital Advisors Inc. purchased a new position in HDFC Bank in the fourth quarter worth about $56,000. Institutional investors own 17.61% of the company's stock.

HDFC Bank Trading Down 0.7%

NYSE:HDB traded down $0.53 during midday trading on Monday, hitting $76.46. 1,734,116 shares of the company traded hands, compared to its average volume of 1,890,784. The firm's fifty day moving average is $75.98 and its 200-day moving average is $68.95. The firm has a market capitalization of $193.61 billion, a P/E ratio of 23.45, a P/E/G ratio of 1.92 and a beta of 0.64. HDFC Bank Limited has a 12-month low of $57.24 and a 12-month high of $79.61.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its quarterly earnings data on Saturday, July 19th. The bank reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The business had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $5.03 billion. On average, research analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th.

About HDFC Bank

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.