HDFC Bank Limited $HDB Stock Sold by ARGA Investment Management LP

ARGA Investment Management LP cut its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 7.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,223,505 shares of the bank's stock after selling 97,483 shares during the quarter. HDFC Bank accounts for 0.7% of ARGA Investment Management LP's holdings, making the stock its 25th biggest position. ARGA Investment Management LP's holdings in HDFC Bank were worth $27,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of HDB. Greenfield Seitz Capital Management LLC lifted its holdings in HDFC Bank by 1.7% during the third quarter. Greenfield Seitz Capital Management LLC now owns 106,881 shares of the bank's stock worth $2,388,000 after acquiring an additional 1,800 shares in the last quarter. Boit C F David acquired a new position in shares of HDFC Bank in the 3rd quarter valued at approximately $69,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of HDFC Bank in the 3rd quarter valued at approximately $6,289,000. Ashoka WhiteOak Capital Pte Ltd increased its stake in HDFC Bank by 8.0% during the 3rd quarter. Ashoka WhiteOak Capital Pte Ltd now owns 672,400 shares of the bank's stock worth $15,021,000 after purchasing an additional 49,520 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. increased its stake in HDFC Bank by 33.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank's stock worth $85,000 after purchasing an additional 952 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on HDB. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. The Goldman Sachs Group initiated coverage on HDFC Bank in a research note on Friday, August 21st. They issued a "buy" rating on the stock. Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, October 24th. Weiss Ratings cut HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 25th. Finally, HSBC cut HDFC Bank from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $30.80 to $26.10 in a research report on Monday, August 31st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $26.10.

HDFC Bank Price Performance

HDFC Bank stock opened at $23.02 on Wednesday. The firm has a market capitalization of $118.14 billion, a PE ratio of 12.97, a P/E/G ratio of 1.25 and a beta of 0.64. The company's 50-day moving average is $22.67 and its 200-day moving average is $25.78. HDFC Bank Limited has a fifty-two week low of $21.36 and a fifty-two week high of $37.35.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. The business had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $4.95 billion. As a group, analysts expect that HDFC Bank Limited will post 1.65 EPS for the current year.

HDFC Bank Company Profile

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.

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