Coronation Fund Managers Ltd. Acquires 412,961 Shares of HDFC Bank Limited $HDB

Key Points

• Coronation Fund Managers boosted its HDFC Bank stake by 584.5% in Q4, buying an additional 412,961 shares to hold 483,614 shares worth $17.67 million, making HDFC 0.8% of its holdings and its 28th largest position.
• Insiders N Srinivasan and Ashish Parthasarthy sold 10,000 and 6,000 shares respectively in March/April; corporate insiders now own about 1.00% of the stock while institutional investors hold 17.61%.
• Analysts have an average "Reduce" rating (one Hold, one Sell); HDFC Bank trades with a market cap of $131.03 billion, a P/E of 15.38, and a 52-week range of $23.91–$39.81 (50-day MA $28.09).

Coronation Fund Managers Ltd. lifted its holdings in HDFC Bank Limited (NYSE:HDB - Free Report) by 584.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 483,614 shares of the bank's stock after buying an additional 412,961 shares during the period. HDFC Bank comprises 0.8% of Coronation Fund Managers Ltd.'s holdings, making the stock its 28th largest holding. Coronation Fund Managers Ltd.'s holdings in HDFC Bank were worth $17,671,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Impax Asset Management Group plc boosted its stake in shares of HDFC Bank by 0.5% during the 4th quarter. Impax Asset Management Group plc now owns 1,695,445 shares of the bank's stock worth $61,952,000 after purchasing an additional 8,065 shares during the period. Resonant Capital Advisors LLC boosted its stake in shares of HDFC Bank by 31.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 8,936 shares of the bank's stock worth $327,000 after purchasing an additional 2,157 shares during the period. Matthews International Capital Management LLC boosted its stake in shares of HDFC Bank by 58.3% during the 4th quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank's stock worth $12,567,000 after purchasing an additional 126,650 shares during the period. Legacy Capital Group California Inc. boosted its stake in shares of HDFC Bank by 8.8% during the 4th quarter. Legacy Capital Group California Inc. now owns 11,194 shares of the bank's stock worth $409,000 after purchasing an additional 903 shares during the period. Finally, HB Wealth Management LLC boosted its stake in shares of HDFC Bank by 14.6% during the 4th quarter. HB Wealth Management LLC now owns 16,347 shares of the bank's stock worth $597,000 after purchasing an additional 2,083 shares during the period. 17.61% of the stock is currently owned by institutional investors.

Insider Activity at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the company's stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $8.21, for a total value of $82,100.00. Following the completion of the sale, the insider owned 648,422 shares of the company's stock, valued at approximately $5,323,544.62. This represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ashish Parthasarthy sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $8.94, for a total transaction of $53,640.00. Following the completion of the sale, the insider directly owned 848,558 shares of the company's stock, valued at $7,586,108.52. The trade was a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings cut shares of HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, March 6th. Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, HDFC Bank currently has an average rating of "Reduce".

HDFC Bank Stock Performance

Shares of HDB opened at $25.69 on Friday. The company has a 50 day moving average price of $28.09 and a 200-day moving average price of $32.69. HDFC Bank Limited has a fifty-two week low of $23.91 and a fifty-two week high of $39.81. The stock has a market capitalization of $131.03 billion, a PE ratio of 15.38, a PEG ratio of 1.18 and a beta of 0.67.

About HDFC Bank

HDFC Bank Limited is one of India's leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank's core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).

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