Todd Asset Management LLC Sells 34,416 Shares of HDFC Bank Limited (NYSE:HDB)

Key Points

• Todd Asset Management LLC reduced its holdings in HDFC Bank Limited by 8.2%, now owning 384,757 shares valued at approximately $25.56 million.
• JPMorgan Chase & Co. and other institutional investors have increased their stakes, with JPMorgan owning over 9.6 million shares worth roughly $639 million after a 2.1% increase.
• HDFC Bank's shares have seen a 1.3% decline recently, with a current price of $74.78, and the bank reported earnings slightly below consensus expectations at $0.74 EPS.

Todd Asset Management LLC reduced its position in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 8.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,757 shares of the bank's stock after selling 34,416 shares during the period. Todd Asset Management LLC's holdings in HDFC Bank were worth $25,563,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in HDFC Bank by 6.8% in 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 in the last quarter. DMC Group LLC raised its position in HDFC Bank by 2.5% during the 1st quarter. DMC Group LLC now owns 7,418 shares of the bank's stock valued at $493,000 after purchasing an additional 181 shares during the last quarter. Platform Technology Partners raised 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 valued at $508,000 after acquiring an additional 201 shares in the last quarter. Portside Wealth Group LLC lifted its position in shares of HDFC Bank by 2.7% in the 1st quarter. Portside Wealth Group LLC now owns 9,014 shares of the bank's stock worth $599,000 after purchasing an additional 241 shares during the period. Finally, Eagle Global Advisors LLC boosted its position in HDFC Bank by 0.4% during the 4th quarter. Eagle Global Advisors LLC now owns 84,660 shares of the bank's stock valued at $5,406,000 after acquiring an additional 305 shares in the last quarter. Institutional investors own 17.61% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th.

HDFC Bank Stock Performance

Shares of NYSE:HDB traded down $0.17 during trading on Thursday, reaching $73.84. 1,387,780 shares of the stock traded hands, compared to its average volume of 2,582,951. HDFC Bank Limited has a 52-week low of $57.78 and a 52-week high of $79.61. The stock has a market cap of $188.33 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 1.84 and a beta of 0.64. The stock has a 50-day moving average of $76.03 and a two-hundred day moving average of $69.70.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its earnings results on Saturday, July 19th. The bank reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $5.03 billion. Sell-side analysts expect that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Profile

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.