Raymond James Financial Inc. Decreases Stock Holdings in HDFC Bank Limited $HDB

Key Points

• Raymond James Financial Inc. reduced its stake in HDFC Bank Limited by 1.6%, selling 9,859 shares and holding 608,599 shares valued at $40.43 million as per its recent SEC filing.
• Several institutional investors have significantly increased their holdings in HDFC Bank during the last quarter, with Bank Pictet & Cie Europe AG showing a 451.3% increase in its position.
• HDFC Bank reported an earnings per share (EPS) of $0.74 for the last quarter, which was slightly below the consensus estimate of $0.75, while revenue exceeded expectations at $5.10 billion.

Raymond James Financial Inc. reduced its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 608,599 shares of the bank's stock after selling 9,859 shares during the quarter. Raymond James Financial Inc.'s holdings in HDFC Bank were worth $40,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC raised its stake in shares of HDFC Bank by 1,217.1% during the first quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock worth $31,000 after acquiring an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in shares of HDFC Bank by 448.7% during the first quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock worth $41,000 after acquiring an additional 507 shares in the last quarter. NBC Securities Inc. bought a new position in shares of HDFC Bank in the first quarter worth approximately $55,000. Pinnacle Bancorp Inc. grew its holdings in shares of HDFC Bank by 109.7% in the first quarter. Pinnacle Bancorp Inc. now owns 847 shares of the bank's stock worth $56,000 after purchasing an additional 443 shares during the last quarter. Finally, Rakuten Securities Inc. grew its holdings in shares of HDFC Bank by 233.0% in the first quarter. Rakuten Securities Inc. now owns 899 shares of the bank's stock worth $60,000 after purchasing an additional 629 shares during the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Stock Down 0.4%

Shares of HDB stock traded down $0.27 during mid-day trading on Wednesday, reaching $72.40. 872,493 shares of the company's stock traded hands, compared to its average volume of 2,529,012. HDFC Bank Limited has a 12 month low of $57.78 and a 12 month high of $79.61. The company has a market cap of $184.67 billion, a P/E ratio of 22.20, a P/E/G ratio of 1.86 and a beta of 0.64. The company's 50-day moving average price is $75.80 and its 200-day moving average price is $70.63.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its earnings results on Saturday, July 19th. The bank reported $0.74 EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($0.01). The business 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%. Equities analysts predict that HDFC Bank Limited will post 3.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a 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, the company has an average rating of "Strong 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.