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

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Key Points

  • Coronation Fund Managers Ltd. significantly reduced its stake in HDFC Bank by 86.8%, leaving it with 29,459 shares valued at approximately $2.26 million.
  • During the second quarter, several other hedge funds also adjusted their positions in HDFC Bank, with some initiating new stakes and others increasing their ownership significantly.
  • HDFC Bank's latest earnings report showed a slight miss in EPS, with a net margin of 14.49% and revenue of $5.10 billion, while analysts anticipate an EPS of 3.03 for the fiscal year.
  • Five stocks to consider instead of HDFC Bank.

Coronation Fund Managers Ltd. lowered its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 86.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,459 shares of the bank's stock after selling 193,157 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in HDFC Bank were worth $2,259,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Central Pacific Bank Trust Division purchased a new stake in HDFC Bank during the 2nd quarter worth about $29,000. Roxbury Financial LLC acquired a new position in shares of HDFC Bank in the 2nd quarter valued at about $30,000. Larson Financial Group LLC lifted its stake in shares of HDFC Bank by 1,217.1% in the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock valued at $31,000 after purchasing an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. lifted its stake in shares of HDFC Bank by 448.7% in the 1st quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock valued at $41,000 after purchasing an additional 507 shares in the last quarter. Finally, Pinnacle Bancorp Inc. lifted its stake in shares of HDFC Bank by 109.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 847 shares of the bank's stock valued at $56,000 after purchasing an additional 443 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company's stock.

HDFC Bank Price Performance

NYSE:HDB opened at $36.55 on Tuesday. HDFC Bank Limited has a 12-month low of $28.89 and a 12-month high of $39.81. The firm has a market capitalization of $186.47 billion, a P/E ratio of 22.42, a P/E/G ratio of 1.95 and a beta of 0.63. The business has a 50 day simple moving average of $35.55 and a 200 day simple moving average of $36.46.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on HDB. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Monday, September 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of HDFC Bank in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, HDFC Bank has a consensus rating of "Moderate Buy".

Get Our Latest Research Report on HDFC Bank

HDFC Bank Profile

(Free Report)

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.

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Institutional Ownership by Quarter for HDFC Bank (NYSE:HDB)

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