HDFC Bank Limited $HDB Stock Holdings Boosted by Skerryvore Asset Management Ltd

Key Points

• Skerryvore Asset Management Ltd has increased its stake in HDFC Bank by 36.5%, acquiring a total of 197,381 shares, making it the bank's fourth largest stakeholder with holdings worth $13.1 million.
• HDFC Bank recently reported earnings per share (EPS) of $0.74 for its latest quarter, slightly below analysts' expectations of $0.75, although its revenue of $5.10 billion surpassed forecasts.
• Analysts have upgraded HDFC Bank's stock rating from "sell" to "hold", with an average rating of "Strong Buy," indicating growing confidence in its performance.

Skerryvore Asset Management Ltd increased its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 36.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 197,381 shares of the bank's stock after buying an additional 52,804 shares during the quarter. HDFC Bank comprises about 10.7% of Skerryvore Asset Management Ltd's holdings, making the stock its 4th largest position. Skerryvore Asset Management Ltd's holdings in HDFC Bank were worth $13,114,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of HDFC Bank by 6.8% during the first quarter. GAMMA Investing LLC now owns 2,391 shares of the bank's stock worth $159,000 after buying an additional 153 shares during the last quarter. DMC Group LLC grew its holdings in shares of HDFC Bank by 2.5% during the first quarter. DMC Group LLC now owns 7,418 shares of the bank's stock worth $493,000 after buying an additional 181 shares during the last quarter. Platform Technology Partners grew its holdings 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 worth $508,000 after buying an additional 201 shares during the last quarter. Portside Wealth Group LLC lifted its position in HDFC Bank by 2.7% in the first quarter. Portside Wealth Group LLC now owns 9,014 shares of the bank's stock valued at $599,000 after purchasing an additional 241 shares during the period. Finally, Eagle Global Advisors LLC lifted its position in HDFC Bank by 0.4% in the fourth quarter. Eagle Global Advisors LLC now owns 84,660 shares of the bank's stock valued at $5,406,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 17.61% of the company's stock.

HDFC Bank Trading Down 1.9%

HDB stock opened at $73.9720 on Monday. The firm has a 50 day moving average of $75.87 and a 200-day moving average of $70.53. 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 $188.68 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 1.89 and a beta of 0.64.

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

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat, HDFC Bank currently 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.

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