Channel Wealth LLC Decreases Stock Position in HDFC Bank Limited (NYSE:HDB)

Channel Wealth LLC lowered its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 75.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,736 shares of the bank's stock after selling 14,372 shares during the quarter. Channel Wealth LLC's holdings in HDFC Bank were worth $315,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. FIL Ltd lifted its stake in HDFC Bank by 17.5% in the 4th quarter. FIL Ltd now owns 17,467,131 shares of the bank's stock valued at $1,115,451,000 after purchasing an additional 2,599,337 shares during the last quarter. Temasek Holdings Private Ltd lifted its stake in shares of HDFC Bank by 2.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 8,557,788 shares of the bank's stock valued at $546,500,000 after acquiring an additional 190,566 shares during the last quarter. GQG Partners LLC boosted its holdings in shares of HDFC Bank by 74.4% during the 4th quarter. GQG Partners LLC now owns 7,883,347 shares of the bank's stock valued at $503,431,000 after acquiring an additional 3,364,114 shares in the last quarter. FMR LLC grew its position in HDFC Bank by 13.3% during the 4th quarter. FMR LLC now owns 7,793,113 shares of the bank's stock worth $497,668,000 after acquiring an additional 914,289 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in HDFC Bank by 43.0% in the 4th quarter. Royal Bank of Canada now owns 7,307,074 shares of the bank's stock worth $466,629,000 after purchasing an additional 2,196,315 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th.

HDFC Bank Stock Up 2.4%

Shares of NYSE HDB traded up $1.83 during mid-day trading on Friday, reaching $77.54. 3,232,738 shares of the company's stock traded hands, compared to its average volume of 2,792,157. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.09 and a quick ratio of 0.09. The business has a 50-day simple moving average of $71.19 and a 200 day simple moving average of $65.54. The stock has a market cap of $196.36 billion, a P/E ratio of 23.57, a PEG ratio of 2.12 and a beta of 0.64. HDFC Bank Limited has a 1-year low of $57.24 and a 1-year high of $77.76.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its quarterly earnings data on Saturday, April 19th. The bank reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.11. The business had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $434.68 billion. HDFC Bank had a return on equity of 12.19% and a net margin of 14.64%. On average, analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

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.