HighTower Advisors LLC Cuts Holdings in HDFC Bank Limited $HDB

Key Points

• HighTower Advisors LLC reduced its stake in HDFC Bank Limited by 6.6%, holding 214,575 shares worth $14.26 million after selling 15,280 shares.
• Several institutional investors, including Northern Trust Corp and Raiffeisen Bank International AG, have increased their positions in HDFC Bank, indicating growing interest in the company's stock.
• HDFC Bank reported quarterly earnings of $0.74 per share, slightly below expectations, while analysts project earnings of $3.03 per share for the current year.

HighTower Advisors LLC trimmed its position in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 6.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,575 shares of the bank's stock after selling 15,280 shares during the quarter. HighTower Advisors LLC's holdings in HDFC Bank were worth $14,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

HDFC Bank Stock Down 1.7%

HDB stock traded down $1.2680 during trading on Friday, reaching $74.1520. The company's stock had a trading volume of 506,552 shares, compared to its average volume of 2,536,653. HDFC Bank Limited has a 1 year low of $57.78 and a 1 year high of $79.61. The company has a market capitalization of $189.14 billion, a P/E ratio of 22.74, a price-to-earnings-growth ratio of 1.92 and a beta of 0.64. The company's fifty day moving average is $75.86 and its 200-day moving average is $70.32.

HDFC Bank (NYSE:HDB - Get Free Report) last issued 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 return on equity of 11.60% and a net margin of 14.49%.The business had revenue of $5.10 billion during the quarter, compared to analysts' expectations of $5.03 billion. Analysts anticipate that HDFC Bank Limited will post 3.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a research note 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 stock. According to MarketBeat, the company presently has a consensus 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.