DAVENPORT & Co LLC Sells 16,120 Shares of HDFC Bank Limited $HDB

Key Points

• DAVENPORT & Co LLC reduced its stake in HDFC Bank by 22.6%, selling 16,120 shares during the second quarter, leaving them with a total of 55,061 shares worth approximately $4.22 million.
• Multiple large investors increased their holdings in HDFC Bank, with New Vernon Capital investing around $1.55 billion, while others like GQG Partners and OVERSEA CHINESE BANKING Corp raised their stakes significantly.
• HDFC Bank's analysts have a consensus rating of “Moderate Buy”, with recent upgrades leading to a mix of Hold and Buy ratings, reflecting a more positive outlook on the stock.

DAVENPORT & Co LLC cut its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 22.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 55,061 shares of the bank's stock after selling 16,120 shares during the quarter. DAVENPORT & Co LLC's holdings in HDFC Bank were worth $4,222,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in HDB. New Vernon Capital Holdings II LLC bought a new position in HDFC Bank in the first quarter worth about $1,546,956,000. GQG Partners LLC grew its stake in shares of HDFC Bank by 105.5% during the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock worth $1,076,128,000 after acquiring an additional 8,313,645 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of 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 worth $389,887,000 after acquiring an additional 5,779,375 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 worth $279,029,000 after acquiring an additional 4,089,647 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of HDFC Bank by 53.5% during 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 last quarter. 17.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

HDB has been the topic of a number of research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of HDFC Bank in a research note on Saturday, September 27th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Finally, Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy".

HDFC Bank Trading Up 0.1%

Shares of NYSE:HDB opened at $34.87 on Wednesday. HDFC Bank Limited has a twelve month low of $28.89 and a twelve month high of $39.81. The company's 50 day moving average is $35.99 and its 200 day moving average is $36.29. The company has a market cap of $177.87 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 1.80 and a beta of 0.63.

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

HDFC Bank Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Wednesday, August 20th. Stockholders of record on Thursday, July 31st were paid a dividend of $0.0854 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a dividend yield of 101.0%. HDFC Bank's dividend payout ratio (DPR) is presently 19.63%.

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.

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