HDFC Bank Limited $HDB Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its HDFC Bank stake by 40.7% in the first quarter, purchasing 3.05 million additional shares and bringing its total holdings to 10.55 million shares, worth approximately $262.5 million.
• Other institutional investors also expanded their positions, with institutional investors and hedge funds collectively owning 17.61% of HDFC Bank. An insider separately sold 10,000 shares for $87,200.
• HDFC Bank reported quarterly earnings of $0.40 per share, exceeding the $0.38 consensus estimate, while analysts maintain an overall “Hold” rating and the stock recently traded near $24.12.

Bank of America Corp DE boosted its holdings in HDFC Bank Limited (NYSE:HDB - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,549,235 shares of the bank's stock after acquiring an additional 3,051,055 shares during the quarter. Bank of America Corp DE owned about 0.21% of HDFC Bank worth $262,465,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in HDFC Bank by 8.6% in the first quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank's stock worth $776,000 after buying an additional 922 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of HDFC Bank by 1.5% in the first quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank's stock valued at $58,723,000 after buying an additional 13,435 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of HDFC Bank by 24.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank's stock valued at $601,000 after acquiring an additional 1,541 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of HDFC Bank by 464.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank's stock valued at $114,000 after acquiring an additional 1,221 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of HDFC Bank by 29.3% during the 2nd quarter. First Trust Advisors LP now owns 51,551 shares of the bank's stock worth $3,952,000 after acquiring an additional 11,689 shares in the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider N Srinivasan sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the completion of the sale, the insider directly owned 638,422 shares of the company's stock, valued at $5,567,039.84. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by company insiders.

HDFC Bank Stock Up 0.8%

Shares of HDFC Bank stock opened at $24.12 on Tuesday. HDFC Bank Limited has a 12 month low of $22.66 and a 12 month high of $38.72. The stock has a market cap of $123.07 billion, a PE ratio of 14.19, a price-to-earnings-growth ratio of 1.13 and a beta of 0.64. The business has a fifty day simple moving average of $24.74 and a 200-day simple moving average of $27.26.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.02. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%.The firm had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. Analysts expect that HDFC Bank Limited will post 1.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered HDFC Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Finally, Weiss Ratings raised HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, HDFC Bank has an average rating of "Hold".

HDFC Bank Profile

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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