NFJ Investment Group LLC Sells 7,376 Shares of HDFC Bank Limited $HDB

Key Points

• NFJ Investment Group LLC reduced its stake in HDFC Bank Limited by 14.8%, now owning 42,410 shares worth approximately $2.8 million.
• Multiple institutional investors, including GQG Partners LLC, increased their holdings significantly, with GQG Partners raising its stake by 105.5% to own over 16 million shares.
• HDFC Bank reported a quarterly earnings miss of $0.74 per share, slightly below the consensus estimate of $0.75, despite strong revenue performance of $5.10 billion.

NFJ Investment Group LLC trimmed its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 14.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,410 shares of the bank's stock after selling 7,376 shares during the period. NFJ Investment Group LLC's holdings in HDFC Bank were worth $2,818,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. New Vernon Capital Holdings II LLC acquired a new position in shares of HDFC Bank during the 1st quarter worth approximately $1,546,956,000. GQG Partners LLC grew its stake in shares of HDFC Bank by 105.5% in the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock valued at $1,076,128,000 after buying an additional 8,313,645 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in 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 buying an additional 5,779,375 shares during the last quarter. Royal Bank of Canada raised its position in 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 in the last quarter. Finally, Nuveen LLC acquired a new stake in HDFC Bank in the first quarter valued at $178,342,000. Institutional investors and hedge funds own 17.61% of the company's stock.

HDFC Bank Price Performance

HDFC Bank stock traded up $0.14 during midday trading on Thursday, hitting $35.36. The company's stock had a trading volume of 1,163,339 shares, compared to its average volume of 4,957,942. HDFC Bank Limited has a 1-year low of $28.89 and a 1-year high of $39.81. The company has a 50-day moving average price of $37.36 and a two-hundred day moving average price of $35.68. The company has a market cap of $180.36 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 1.80 and a beta of 0.63.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings data 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. Sell-side analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current year.

HDFC Bank Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st were paid a $0.0854 dividend. The ex-dividend date was Thursday, July 31st. This represents a yield of 101.0%. HDFC Bank's payout ratio is 9.82%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HDB. Zacks Research cut shares of HDFC Bank from a "hold" rating to a "strong sell" rating in a report on Friday, August 29th. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy".

About HDFC Bank

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.