Coronation Fund Managers Ltd. Increases Stock Holdings in HDFC Bank Limited $HDB

Key Points

• Coronation Fund Managers increased its HDFC Bank stake by 14.6% in the first quarter, buying 70,681 additional shares and lifting its position to 554,295 shares worth about $13.8 million.
• Several other institutional investors also boosted or initiated positions in HDFC Bank, and hedge funds and other institutions now own 17.61% of the company.
• HDFC Bank reported better-than-expected earnings, with quarterly EPS of $0.40 versus estimates of $0.38 and revenue of $9.01 billion, while analysts currently assign the stock a Hold consensus rating.

Coronation Fund Managers Ltd. grew its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 14.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 554,295 shares of the bank's stock after purchasing an additional 70,681 shares during the period. Coronation Fund Managers Ltd.'s holdings in HDFC Bank were worth $13,791,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. First Trust Advisors LP grew its position in HDFC Bank by 48.5% in the 1st quarter. First Trust Advisors LP now owns 139,728 shares of the bank's stock valued at $3,476,000 after buying an additional 45,629 shares during the last quarter. XY Capital Ltd purchased a new position in HDFC Bank during the 1st quarter worth $5,293,000. Temasek Holdings Private Ltd raised its position in HDFC Bank by 15.5% during the 1st quarter. Temasek Holdings Private Ltd now owns 12,559,656 shares of the bank's stock worth $312,484,000 after buying an additional 1,686,276 shares during the last quarter. ABN Amro Investment Solutions lifted its stake in shares of HDFC Bank by 66.0% in the 1st quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank's stock worth $37,294,000 after acquiring an additional 595,912 shares during the period. Finally, Madison Asset Management LLC lifted its stake in shares of HDFC Bank by 5.4% in the 1st quarter. Madison Asset Management LLC now owns 96,273 shares of the bank's stock worth $2,395,000 after acquiring an additional 4,893 shares during the period. Hedge funds and other institutional investors own 17.61% of the company's stock.

HDFC Bank Price Performance

HDB opened at $23.22 on Thursday. The stock has a market cap of $118.45 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.12 and a beta of 0.64. The stock's 50 day simple moving average is $24.89 and its 200 day simple moving average is $27.83. HDFC Bank Limited has a 1-year low of $22.91 and a 1-year high of $39.81.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its earnings results on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.02. HDFC Bank had a return on equity of 13.14% and a net margin of 15.96%.The company had revenue of $9.01 billion for the quarter, compared to the consensus estimate of $5 billion. Research analysts expect that HDFC Bank Limited will post 1.67 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday. Wall Street Zen downgraded shares of HDFC Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. Finally, Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold".

Insider Activity

In related news, insider N Srinivasan sold 10,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the sale, the insider directly owned 638,422 shares of the company's stock, valued at approximately $5,567,039.84. This represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ashish Parthasarthy sold 5,600 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total transaction of $48,720.00. Following the transaction, the insider owned 842,958 shares of the company's stock, valued at $7,333,734.60. This trade represents a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is owned by insiders.

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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