Canoe Financial LP Cuts Stock Position in HDFC Bank Limited $HDB

Key Points

• Canoe Financial LP reduced its stake in HDFC Bank Limited by 13.4%, holding 326,390 shares valued at approximately $25 million after selling 50,312 shares in the second quarter.
• The bank missed analysts' earnings expectations with a reported EPS of $0.37 for the last quarter, below the consensus estimate of $0.38.
• HDFC Bank recently declared a special dividend of $0.0854, yielding 101.0%, with a payout ratio of 19.63%.

Canoe Financial LP lessened its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 13.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 326,390 shares of the bank's stock after selling 50,312 shares during the period. Canoe Financial LP's holdings in HDFC Bank were worth $25,024,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in HDB. New Vernon Capital Holdings II LLC bought a new position in shares of HDFC Bank in the first quarter worth approximately $1,546,956,000. GQG Partners LLC lifted its position in HDFC Bank by 105.5% during the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock valued at $1,076,128,000 after purchasing an additional 8,313,645 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in HDFC Bank by 6,502.2% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,868,259 shares of the bank's stock valued at $389,887,000 after purchasing an additional 5,779,375 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in HDFC Bank by 3,715.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,199,717 shares of the bank's stock valued at $279,029,000 after purchasing an additional 4,089,647 shares during the period. Finally, Royal Bank of Canada raised its position in HDFC Bank by 53.5% in the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank's stock worth $745,107,000 after acquiring an additional 3,907,637 shares during the period. Institutional investors own 17.61% of the company's stock.

HDFC Bank Price Performance

NYSE:HDB traded down $0.21 during trading hours on Tuesday, hitting $34.86. 829,854 shares of the company were exchanged, compared to its average volume of 4,883,363. HDFC Bank Limited has a 52-week low of $28.89 and a 52-week high of $39.81. The company's 50 day moving average price is $36.93 and its 200-day moving average price is $36.05. The stock has a market capitalization of $177.81 billion, a price-to-earnings ratio of 21.38, a PEG ratio of 1.82 and a beta of 0.63.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, July 19th. The bank reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.03 billion. On average, equities analysts predict that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HDB. Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Zacks Research lowered shares of HDFC Bank from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy".

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.