HDFC Bank Limited $HDB Shares Sold by Trinity Street Asset Management LLP

Key Points

• Trinity Street Asset Management reduced its HDFC Bank stake by 15.9% in the second quarter, selling 1.23 million shares and retaining 6.49 million shares worth approximately $167.7 million.
• Other institutional investors increased their positions, including Elliott Investment Management, KBC Group, M&T Bank, ABN Amro Investment Solutions, and Matthews International Capital Management. Institutional investors collectively own 17.61% of HDFC Bank.
• HDFC Bank shares opened at $23.10, near their 52-week low, while analysts maintain an overall “Hold” rating. The bank exceeded quarterly earnings expectations, reporting $0.40 in EPS versus the $0.38 consensus estimate.

Trinity Street Asset Management LLP cut its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 15.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,493,800 shares of the bank's stock after selling 1,230,900 shares during the period. HDFC Bank makes up about 8.6% of Trinity Street Asset Management LLP's investment portfolio, making the stock its 5th largest holding. Trinity Street Asset Management LLP owned about 0.13% of HDFC Bank worth $167,735,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elliott Investment Management L.P. lifted its holdings in shares of HDFC Bank by 267.7% in the 1st quarter. Elliott Investment Management L.P. now owns 797,085 shares of the bank's stock valued at $19,831,000 after buying an additional 580,329 shares during the period. KBC Group NV raised its stake in shares of HDFC Bank by 26.9% during the 1st quarter. KBC Group NV now owns 404,884 shares of the bank's stock worth $10,074,000 after buying an additional 85,882 shares during the last quarter. M&T Bank Corp lifted 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 in the last quarter. ABN Amro Investment Solutions lifted its stake in HDFC Bank by 66.0% in the 1st quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank's stock valued at $37,294,000 after buying an additional 595,912 shares in the last quarter. Finally, Matthews International Capital Management LLC lifted its position in shares of HDFC Bank by 58.3% in the fourth quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank's stock valued at $12,567,000 after acquiring an additional 126,650 shares in the last quarter. Institutional investors own 17.61% of the company's stock.

Analyst Ratings Changes

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

HDFC Bank Stock Down 0.8%

Shares of NYSE:HDB opened at $23.10 on Thursday. HDFC Bank Limited has a fifty-two week low of $22.66 and a fifty-two week high of $37.85. The firm has a 50-day simple moving average of $24.71 and a 200 day simple moving average of $26.82. The company has a market cap of $118.53 billion, a PE ratio of 13.59, a P/E/G ratio of 1.10 and a beta of 0.65.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.02. HDFC Bank had a net margin of 15.96% and a return on equity of 11.84%. The firm had revenue of $9.01 billion for the quarter, compared to analysts' expectations of $5 billion. As a group, research analysts forecast that HDFC Bank Limited will post 1.67 EPS for the current fiscal year.

HDFC Bank Company Profile

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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