HDFC Bank Limited $HDB Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group reduced its HDFC Bank stake by 34.1% in the first quarter, selling 81,235 shares and retaining 157,118 shares valued at approximately $3.9 million.
• Institutional ownership was mixed: several funds increased their positions, including Boston Common Asset Management, Matthews International Capital Management, and M&T Bank, while institutions and hedge funds collectively owned 17.61% of HDFC Bank.
• Analyst sentiment averaged a “Hold” rating, while HDFC Bank reported quarterly EPS of $0.40, exceeding the $0.38 consensus estimate. Shares opened at $23.22, near the company’s one-year low of $22.66.

PNC Financial Services Group Inc. trimmed its holdings in HDFC Bank Limited (NYSE:HDB - Free Report) by 34.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,118 shares of the bank's stock after selling 81,235 shares during the quarter. PNC Financial Services Group Inc.'s holdings in HDFC Bank were worth $3,909,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in HDB. PineStone Asset Management Inc. raised its holdings in shares of HDFC Bank by 1.9% during the 4th quarter. PineStone Asset Management Inc. now owns 8,315,726 shares of the bank's stock worth $303,857,000 after acquiring an additional 151,992 shares during the period. M&T Bank Corp grew its holdings in shares of HDFC Bank by 788.3% in the fourth quarter. M&T Bank Corp now owns 115,126 shares of the bank's stock valued at $4,206,000 after purchasing an additional 102,166 shares during the period. KBC Group NV grew its holdings in shares of HDFC Bank by 26.9% in the first quarter. KBC Group NV now owns 404,884 shares of the bank's stock valued at $10,074,000 after purchasing an additional 85,882 shares during the period. Matthews International Capital Management LLC increased its position in HDFC Bank by 58.3% during the fourth quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank's stock worth $12,567,000 after purchasing an additional 126,650 shares during the last quarter. Finally, Boston Common Asset Management LLC boosted its holdings in HDFC Bank by 80.9% in the 4th quarter. Boston Common Asset Management LLC now owns 1,537,511 shares of the bank's stock valued at $56,181,000 after purchasing an additional 687,812 shares during the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Transactions at HDFC Bank

In related news, insider N Srinivasan sold 10,000 shares of HDFC Bank 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 transaction, the insider owned 638,422 shares in the company, valued at $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.

HDFC Bank Price Performance

HDB stock opened at $23.22 on Tuesday. The business's 50-day moving average is $24.80 and its two-hundred day moving average is $27.58. The firm has a market capitalization of $118.47 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.10 and a beta of 0.64. HDFC Bank Limited has a 1 year low of $22.66 and a 1 year high of $38.81.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.02. HDFC Bank had a return on equity of 13.14% and a net margin of 15.96%.The business had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $5 billion. On average, analysts expect that HDFC Bank Limited will post 1.67 EPS for the current year.

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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