Orbis Allan Gray Ltd Sells 1,066,811 Shares of HDFC Bank Limited $HDB

Key Points

• Orbis Allan Gray Ltd reduced its stake in HDFC Bank by 70.3%, selling over one million shares, while still holding 451,048 shares valued at approximately $29.97 million.
• During the first quarter, GQG Partners LLC increased its stake by 105.5%, and OVERSEA CHINESE BANKING Corp raised its holdings by 6,502.2%, indicating significant institutional interest.
• HDFC Bank recently reported a 0.74 earnings per share, slightly missing estimates, and announced a special dividend of $0.1707 per share with a yield of 101.0%.

Orbis Allan Gray Ltd reduced its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 70.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 451,048 shares of the bank's stock after selling 1,066,811 shares during the period. Orbis Allan Gray Ltd's holdings in HDFC Bank were worth $29,968,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in HDFC Bank by 6.8% in the first quarter. GAMMA Investing LLC now owns 2,391 shares of the bank's stock worth $159,000 after purchasing an additional 153 shares during the last quarter. DMC Group LLC increased its position in shares of HDFC Bank by 2.5% in the first quarter. DMC Group LLC now owns 7,418 shares of the bank's stock valued at $493,000 after acquiring an additional 181 shares during the period. Platform Technology Partners increased its position in shares of HDFC Bank by 2.7% during the first quarter. Platform Technology Partners now owns 7,644 shares of the bank's stock valued at $508,000 after buying an additional 201 shares during the period. Portside Wealth Group LLC increased its position in shares of HDFC Bank by 2.7% during the first quarter. Portside Wealth Group LLC now owns 9,014 shares of the bank's stock valued at $599,000 after buying an additional 241 shares during the period. Finally, Ieq Capital LLC increased its position in shares of HDFC Bank by 7.1% during the first quarter. Ieq Capital LLC now owns 4,456 shares of the bank's stock valued at $296,000 after buying an additional 294 shares during the period. 17.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

HDFC Bank Stock Down 0.3%

Shares of NYSE HDB traded down $0.25 during midday trading on Thursday, hitting $70.38. The stock had a trading volume of 547,560 shares, compared to its average volume of 2,507,559. The business's 50 day moving average is $75.33 and its 200-day moving average is $71.00. The company has a market cap of $179.51 billion, a P/E ratio of 21.59, a PEG ratio of 1.82 and a beta of 0.63. HDFC Bank Limited has a 52 week low of $57.78 and a 52 week high of $79.61.

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

HDFC Bank Announces Dividend

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

HDFC Bank 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.