HDFC Bank Limited $HDB Shares Purchased by State of New Jersey Common Pension Fund D

Key Points

• State of New Jersey Common Pension Fund D increased its stake in HDFC Bank by 102.5% in Q3, buying 1,199,084 shares to hold 2,369,307 shares worth about $80.94 million.
• Multiple other institutions (including PNC, ABN Amro, HighTower, Avanda and Hardy Reed) also materially raised positions, and institutional investors now own about 17.61% of HDB.
• HDFC Bank beat estimates with Q4 EPS of $0.43 versus $0.39 and reported revenue of $16.48 billion; shares opened at $32.47 with a market cap of $165.65 billion and an average analyst rating of Hold after recent upgrades.

State of New Jersey Common Pension Fund D grew its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 102.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,369,307 shares of the bank's stock after acquiring an additional 1,199,084 shares during the period. State of New Jersey Common Pension Fund D's holdings in HDFC Bank were worth $80,936,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avanda Investment Management Pte. Ltd. boosted its holdings in HDFC Bank by 100.0% in the third quarter. Avanda Investment Management Pte. Ltd. now owns 4,736 shares of the bank's stock valued at $162,000 after purchasing an additional 2,368 shares during the last quarter. Hardy Reed LLC raised its position in shares of HDFC Bank by 193.5% in the 3rd quarter. Hardy Reed LLC now owns 8,997 shares of the bank's stock valued at $307,000 after purchasing an additional 5,932 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of HDFC Bank by 167.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 226,429 shares of the bank's stock valued at $7,735,000 after buying an additional 141,889 shares during the last quarter. ABN Amro Investment Solutions boosted its stake in shares of HDFC Bank by 100.0% during the 3rd quarter. ABN Amro Investment Solutions now owns 209,050 shares of the bank's stock valued at $7,141,000 after buying an additional 104,525 shares during the last quarter. Finally, HighTower Advisors LLC grew its position in shares of HDFC Bank by 105.7% during the third quarter. HighTower Advisors LLC now owns 402,013 shares of the bank's stock worth $13,733,000 after buying an additional 206,601 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Stock Down 1.2%

Shares of NYSE:HDB opened at $32.47 on Friday. The company has a market cap of $165.65 billion, a PE ratio of 19.50, a P/E/G ratio of 1.32 and a beta of 0.57. HDFC Bank Limited has a fifty-two week low of $29.23 and a fifty-two week high of $39.81. The firm has a 50-day simple moving average of $34.20 and a 200 day simple moving average of $35.44.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its earnings results on Tuesday, January 20th. The bank reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.04. The company had revenue of $16.48 billion during the quarter, compared to the consensus estimate of $5.12 billion. HDFC Bank had a return on equity of 11.49% and a net margin of 14.92%. As a group, research analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HDB has been the subject of several recent analyst reports. Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a report on Friday, January 23rd. Weiss Ratings upgraded HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold".

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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