Hsbc Holdings PLC Cuts Stock Holdings in HDFC Bank Limited $HDB

Key Points

• Hsbc Holdings PLC has reduced its stake in HDFC Bank Limited by 28.2%, now owning 830,552 shares valued at approximately $54.69 million.
• HDFC Bank was upgraded by Wall Street Zen from a "sell" to a "hold" rating, contributing to an average rating of "Strong Buy" among analysts.
• The bank's recent quarterly earnings reported $0.74 earnings per share, slightly below analysts' expectations of $0.75.

Hsbc Holdings PLC lessened its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 28.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 830,552 shares of the bank's stock after selling 326,753 shares during the period. Hsbc Holdings PLC's holdings in HDFC Bank were worth $54,688,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp increased its stake in shares of HDFC Bank by 52.0% in the 4th quarter. Northern Trust Corp now owns 1,015,588 shares of the bank's stock worth $64,855,000 after purchasing an additional 347,488 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of HDFC Bank during the fourth quarter valued at $580,000. Raiffeisen Bank International AG boosted its holdings in HDFC Bank by 21.3% in the first quarter. Raiffeisen Bank International AG now owns 193,223 shares of the bank's stock valued at $12,778,000 after purchasing an additional 33,983 shares during the last quarter. Natixis Advisors LLC lifted its stake in HDFC Bank by 20.6% in the 1st quarter. Natixis Advisors LLC now owns 2,238,560 shares of the bank's stock valued at $148,730,000 after buying an additional 382,267 shares in the last quarter. Finally, ARGA Investment Management LP increased its holdings in shares of HDFC Bank by 7.2% during the 1st quarter. ARGA Investment Management LP now owns 1,553,975 shares of the bank's stock worth $103,246,000 after buying an additional 104,162 shares during the last quarter. Hedge funds and other institutional investors own 17.61% of the company's stock.

HDFC Bank Price Performance

NYSE:HDB traded down $0.35 during midday trading on Wednesday, reaching $72.32. The stock had a trading volume of 410,339 shares, compared to its average volume of 2,525,864. HDFC Bank Limited has a 1-year low of $57.78 and a 1-year high of $79.61. The firm's fifty day simple moving average is $75.80 and its 200-day simple moving average is $70.63. The stock has a market capitalization of $184.47 billion, a P/E ratio of 22.18, a PEG ratio of 1.86 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its quarterly earnings data on Saturday, July 19th. The bank reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.75 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 during the quarter, compared to analyst estimates of $5.03 billion. On average, equities research analysts anticipate that HDFC Bank Limited will post 3.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to data from MarketBeat.com, HDFC Bank presently has a consensus rating of "Strong Buy".

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.