Ameriprise Financial Inc. Acquires 13,308 Shares of HDFC Bank Limited $HDB

Key Points

• Ameriprise Financial Inc. increased its stake in HDFC Bank by purchasing 13,308 shares, bringing its total holdings to approximately 2.7 million shares valued at $180.4 million.
• HDFC Bank's stock rating was upgraded from "sell" to "hold" by Wall Street Zen, with an average rating of "Strong Buy" from analysts.
• Despite the upgrade, HDFC Bank's stock price has decreased by 1.9%, with current trading around $73.97, showing a 12-month range between a low of $57.78 and a high of $79.61.

Ameriprise Financial Inc. raised its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 0.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,714,623 shares of the bank's stock after acquiring an additional 13,308 shares during the period. Ameriprise Financial Inc. owned approximately 0.11% of HDFC Bank worth $180,376,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in HDFC Bank by 6.8% in the first quarter. GAMMA Investing LLC now owns 2,391 shares of the bank's stock valued at $159,000 after acquiring an additional 153 shares during the period. DMC Group LLC grew its stake in HDFC Bank by 2.5% in the first quarter. DMC Group LLC now owns 7,418 shares of the bank's stock valued at $493,000 after acquiring an additional 181 shares during the period. Platform Technology Partners grew its stake in HDFC Bank by 2.7% in the first quarter. Platform Technology Partners now owns 7,644 shares of the bank's stock valued at $508,000 after acquiring an additional 201 shares during the period. Portside Wealth Group LLC grew its stake in HDFC Bank by 2.7% in the first quarter. Portside Wealth Group LLC now owns 9,014 shares of the bank's stock valued at $599,000 after acquiring an additional 241 shares during the period. Finally, Eagle Global Advisors LLC grew its stake in HDFC Bank by 0.4% in the fourth quarter. Eagle Global Advisors LLC now owns 84,660 shares of the bank's stock valued at $5,406,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 17.61% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised 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. According to MarketBeat, the company presently has an average rating of "Strong Buy".

HDFC Bank Trading Up 0.4%

Shares of NYSE:HDB traded up $0.27 during mid-day trading on Friday, hitting $71.39. 493,647 shares of the company traded hands, compared to its average volume of 2,515,396. The stock has a market cap of $182.10 billion, a P/E ratio of 21.90, a P/E/G ratio of 1.85 and a beta of 0.64. HDFC Bank Limited has a 12-month low of $57.78 and a 12-month high of $79.61. The stock has a 50-day moving average price of $75.69 and a two-hundred day moving average price of $70.71.

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 the consensus estimate of $0.75 by ($0.01). The company had revenue of $5.10 billion for the quarter, compared to analysts' expectations of $5.03 billion. HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. As a group, analysts expect that HDFC Bank Limited will post 3.03 earnings per share for the current 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.