Banque Pictet & Cie SA Sells 47,638 Shares of HDFC Bank Limited $HDB

Key Points

• Banque Pictet & Cie SA reduced its HDFC Bank stake by 22.8% in the third quarter, selling 47,638 shares and retaining 161,335 shares valued at approximately $3.6 million.
• Institutional ownership activity was mixed, with several investors initiating or increasing positions; hedge funds and other institutions collectively own 17.61% of HDFC Bank.
• Analyst sentiment is mixed but averages a “Hold” rating, with a $26.10 consensus price target. HDFC Bank recently exceeded quarterly EPS expectations, reporting $0.40 versus the $0.38 consensus estimate.

Banque Pictet & Cie SA cut its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 22.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 161,335 shares of the bank's stock after selling 47,638 shares during the period. Banque Pictet & Cie SA's holdings in HDFC Bank were worth $3,604,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of HDB. Axiom Investment Management LLC purchased a new stake in shares of HDFC Bank during the first quarter valued at approximately $32,000. Bell Investment Advisors Inc raised its holdings in HDFC Bank by 260.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank's stock worth $34,000 after acquiring an additional 1,002 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in HDFC Bank in the 2nd quarter worth approximately $66,000. TD Waterhouse Canada Inc. raised its holdings in HDFC Bank by 215.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank's stock worth $99,000 after acquiring an additional 2,642 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in HDFC Bank in the 1st quarter valued at approximately $102,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

HDFC Bank Stock Up 1.3%

Shares of NYSE HDB opened at $23.84 on Friday. The firm's 50-day moving average price is $22.91 and its 200-day moving average price is $24.26. The company has a market cap of $122.32 billion, a PE ratio of 14.02, a PEG ratio of 1.16 and a beta of 0.61. HDFC Bank Limited has a 52-week low of $21.70 and a 52-week high of $37.45.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, topping the consensus estimate of $0.38 by $0.02. The company had revenue of $9.01 billion during the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%. As a group, equities research analysts anticipate that HDFC Bank Limited will post 1.64 EPS for the current fiscal year.

HDFC Bank Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.