HDFC Bank Limited $HDB Shares Bought by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its stake in HDFC Bank by 53.5%, owning around 11.2 million shares valued at approximately $745 million after purchasing an additional 3.9 million shares in Q1.
• HDFC Bank's recent earnings report showed an EPS of $0.74, which was slightly below analysts' expectations of $0.75, although it surpassed revenue forecasts with $5.10 billion in revenue.
• The bank announced a special dividend payment of $0.1707 per share, yielding 101% based on its current dividend payout ratio of 19.63%.

Royal Bank of Canada lifted its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 53.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,214,711 shares of the bank's stock after purchasing an additional 3,907,637 shares during the quarter. Royal Bank of Canada owned about 0.44% of HDFC Bank worth $745,107,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Larson Financial Group LLC raised its position in shares of HDFC Bank by 1,217.1% during the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock worth $31,000 after buying an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in shares of HDFC Bank by 448.7% during the first quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock valued at $41,000 after acquiring an additional 507 shares during the period. NBC Securities Inc. acquired a new position in shares of HDFC Bank during the first quarter valued at approximately $55,000. Pinnacle Bancorp Inc. boosted its stake in HDFC Bank by 109.7% during 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. Finally, Rakuten Securities Inc. increased its position in shares of HDFC Bank by 233.0% during the 1st quarter. Rakuten Securities Inc. now owns 899 shares of the bank's stock valued at $60,000 after purchasing an additional 629 shares during the period. Institutional investors own 17.61% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, HDFC Bank currently has a consensus rating of "Strong Buy".

HDFC Bank Stock Performance

NYSE HDB opened at $71.18 on Friday. HDFC Bank Limited has a 1 year low of $57.78 and a 1 year high of $79.61. The business's fifty day moving average is $75.62 and its two-hundred day moving average is $70.86. The stock has a market capitalization of $181.56 billion, a P/E ratio of 21.83, a P/E/G ratio of 1.82 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its earnings results on Saturday, July 19th. The bank reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($0.01). HDFC Bank had a return on equity of 11.60% and a net margin of 14.49%.The company had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.03 billion. On average, research analysts forecast that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Announces Dividend

The company also recently disclosed a special dividend, which was paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.1707 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a yield of 101.0%. HDFC Bank's dividend payout ratio is currently 19.63%.

HDFC Bank Company 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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