Amundi Decreases Position in HDFC Bank Limited $HDB

Key Points

• Amundi has reduced its stake in HDFC Bank Limited by 17.3%, selling 39,356 shares and leaving it with 188,605 shares valued at approximately $12.6 million.
• Several institutional investors have significantly increased their holdings in HDFC Bank, with Larson Financial Group boosting its stake by over 1,200% in the same quarter.
• HDFC Bank's shares are experiencing mixed analyst ratings, with Zacks Research downgrading the stock to a "strong sell", while others maintain a "moderate buy" average rating.

Amundi reduced its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 17.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 188,605 shares of the bank's stock after selling 39,356 shares during the quarter. Amundi's holdings in HDFC Bank were worth $12,629,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in HDFC Bank by 1,217.1% in the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock valued at $31,000 after purchasing an additional 426 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in HDFC Bank by 448.7% in the 1st quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock valued at $41,000 after purchasing an additional 507 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of HDFC Bank in the 1st quarter worth $55,000. Pinnacle Bancorp Inc. increased its stake in shares of HDFC Bank by 109.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 847 shares of the bank's stock worth $56,000 after acquiring an additional 443 shares during the last quarter. Finally, Rakuten Securities Inc. increased its stake in shares of HDFC Bank by 233.0% in the 1st quarter. Rakuten Securities Inc. now owns 899 shares of the bank's stock worth $60,000 after acquiring an additional 629 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on HDB. Zacks Research downgraded HDFC Bank from a "hold" rating to a "strong sell" rating in a research note on Friday, August 29th. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

HDFC Bank Stock Performance

Shares of HDB traded down $0.32 during midday trading on Friday, hitting $35.07. The company had a trading volume of 1,774,980 shares, compared to its average volume of 3,230,603. The company's 50-day simple moving average is $37.30 and its 200-day simple moving average is $35.72. The firm has a market capitalization of $178.91 billion, a P/E ratio of 21.52, a P/E/G ratio of 1.82 and a beta of 0.63. HDFC Bank Limited has a 1 year low of $28.89 and a 1 year high of $39.81.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, July 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $5.10 billion during 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%. Equities analysts predict that HDFC Bank Limited will post 3.03 earnings per share for the current fiscal year.

HDFC Bank Dividend Announcement

The firm also recently announced a special dividend, which was paid on Wednesday, August 20th. Investors of record on Thursday, July 31st were paid a dividend of $0.0854 per share. The ex-dividend date was Thursday, July 31st. This represents a yield of 101.0%. HDFC Bank's payout ratio is presently 19.63%.

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.