Burgundy Asset Management Ltd. Sells 30,996 Shares of HDFC Bank Limited $HDB

Key Points

• Burgundy Asset Management Ltd. sold 30,996 shares of HDFC Bank Limited, reducing its holdings by 13.2% to a total of 203,848 shares valued at $13,544,000.
• Other institutional investors, such as Larson Financial Group and Cullen Frost Bankers, significantly increased their positions in HDFC Bank, with increases of 1,217.1% and 448.7% respectively during the same quarter.
• HDFC Bank's recent quarterly earnings fell short of expectations, reporting $0.74 EPS against a consensus estimate of $0.75, while revenue slightly exceeded forecasts with $5.10 billion reported.

Burgundy Asset Management Ltd. trimmed its position in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 13.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 203,848 shares of the bank's stock after selling 30,996 shares during the period. Burgundy Asset Management Ltd.'s holdings in HDFC Bank were worth $13,544,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in HDB. GQG Partners LLC boosted its stake in HDFC Bank by 105.5% in the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock valued at $1,076,128,000 after buying an additional 8,313,645 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in HDFC Bank by 6,502.2% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,868,259 shares of the bank's stock valued at $389,887,000 after buying an additional 5,779,375 shares during the last quarter. Nuveen LLC acquired a new stake in HDFC Bank during the 1st quarter worth approximately $178,342,000. Royal Bank of Canada grew its holdings in HDFC Bank by 43.0% during the 4th quarter. Royal Bank of Canada now owns 7,307,074 shares of the bank's stock worth $466,629,000 after acquiring an additional 2,196,315 shares during the last quarter. Finally, National Bank of Canada FI increased its position in HDFC Bank by 81.3% in the 1st quarter. National Bank of Canada FI now owns 3,483,173 shares of the bank's stock valued at $231,422,000 after acquiring an additional 1,561,505 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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 issued a Buy rating to the stock. According to data from MarketBeat, HDFC Bank has a consensus rating of "Strong Buy".

HDFC Bank Price Performance

Shares of NYSE:HDB traded up $0.1330 during mid-day trading on Wednesday, hitting $74.9930. The company had a trading volume of 2,001,907 shares, compared to its average volume of 2,560,247. HDFC Bank Limited has a one year low of $57.78 and a one year high of $79.61. The firm has a fifty day moving average price of $75.90 and a 200 day moving average price of $70.18. The company has a market capitalization of $191.29 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 1.93 and a beta of 0.64.

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

HDFC Bank 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.