HDFC Bank Limited $HDB Stake Lessened by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in HDFC Bank Limited by 12.1% during Q2, owning approximately 1,554,256 shares worth $119,227,000 after the sell-off.
• HDFC Bank recently reported $0.37 earnings per share (EPS) for the quarter, missing estimates by $0.01, with a revenue of $5.10 billion, exceeding estimates of $5.03 billion.
• The company announced a special dividend of $0.0854 per share, reflecting a yield of 101.0%, which was paid to shareholders as of July 31st.

Allspring Global Investments Holdings LLC cut its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 12.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,554,256 shares of the bank's stock after selling 213,808 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.06% of HDFC Bank worth $119,227,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. New Vernon Capital Holdings II LLC acquired a new position in shares of HDFC Bank in the first quarter worth $1,546,956,000. GQG Partners LLC increased 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 worth $1,076,128,000 after acquiring an additional 8,313,645 shares during the last quarter. Royal Bank of Canada increased its stake in shares of HDFC Bank by 53.5% in 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 during the last quarter. JPMorgan Chase & Co. increased its stake in shares of HDFC Bank by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 9,616,713 shares of the bank's stock worth $638,934,000 after acquiring an additional 202,032 shares during the last quarter. Finally, Temasek Holdings Private Ltd increased its stake in shares of HDFC Bank by 3.9% in the first quarter. Temasek Holdings Private Ltd now owns 8,895,662 shares of the bank's stock worth $591,028,000 after acquiring an additional 337,874 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

HDFC Bank Price Performance

HDB stock opened at $35.05 on Tuesday. HDFC Bank Limited has a 52-week low of $28.89 and a 52-week high of $39.81. The company has a 50-day moving average of $35.71 and a two-hundred day moving average of $36.36. The stock has a market capitalization of $178.78 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 1.85 and a beta of 0.63.

HDFC Bank (NYSE:HDB - Get Free Report) last released its quarterly earnings results on Saturday, July 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.03 billion. Equities analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank Announces Dividend

The company also recently declared a special dividend, which was paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st were issued a dividend of $0.0854 per share. This represents a yield of 101.0%. The ex-dividend date was Thursday, July 31st. HDFC Bank's dividend payout ratio is 19.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on HDB shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of HDFC Bank in a research note on Wednesday, October 8th. Zacks Research upgraded shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Monday, September 29th. Finally, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, HDFC Bank 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.

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