HDFC Bank Limited $HDB Shares Sold by American Century Companies Inc.

Key Points

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American Century Companies Inc. cut its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 12.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,117,102 shares of the bank's stock after selling 157,653 shares during the period. American Century Companies Inc.'s holdings in HDFC Bank were worth $74,220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in HDB. Larson Financial Group LLC increased its holdings in HDFC Bank by 1,217.1% in the first quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock valued at $31,000 after buying an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in HDFC Bank by 448.7% in the first quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock valued at $41,000 after buying an additional 507 shares in the last quarter. NBC Securities Inc. purchased a new position in HDFC Bank in the first quarter valued at about $55,000. Pinnacle Bancorp Inc. increased 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 buying an additional 443 shares in the last quarter. Finally, Rakuten Securities Inc. increased its holdings in HDFC Bank by 233.0% in the first quarter. Rakuten Securities Inc. now owns 899 shares of the bank's stock valued at $60,000 after buying an additional 629 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Strong Buy".

HDFC Bank Stock Down 1.9%

Shares of HDB traded down $1.4480 during mid-day trading on Friday, reaching $73.9720. 1,649,232 shares of the company's stock were exchanged, compared to its average volume of 2,543,901. The company has a 50-day simple moving average of $75.86 and a two-hundred day simple moving average of $70.32. HDFC Bank Limited has a 52-week low of $57.78 and a 52-week high of $79.61. The company has a market cap of $188.68 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 1.92 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its earnings results 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 return on equity of 11.60% and a net margin of 14.49%.The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.03 billion. As a group, equities research analysts predict that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

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.