KBC Group NV Acquires 85,882 Shares of HDFC Bank Limited $HDB

Key Points

• KBC Group NV increased its HDFC Bank stake by 26.9% in the first quarter, buying 85,882 additional shares and bringing its total holdings to 404,884 shares valued at about $10.1 million.
• HDFC Bank reported better-than-expected quarterly results, with EPS of $0.40 versus the $0.38 consensus estimate and revenue of $9.01 billion, well above forecasts.
• Recent sentiment is mixed: analysts currently have a consensus "Hold" rating, while the stock has traded near its 52-week low and insider selling was also disclosed.

KBC Group NV boosted its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 26.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 404,884 shares of the bank's stock after purchasing an additional 85,882 shares during the period. KBC Group NV's holdings in HDFC Bank were worth $10,074,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of HDB. Larson Financial Group LLC raised its stake in shares of HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank's stock worth $29,000 after buying an additional 403 shares during the period. Bell Investment Advisors Inc increased its holdings in HDFC Bank by 260.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank's stock worth $34,000 after acquiring an additional 1,002 shares in the last quarter. Pin Oak Investment Advisors Inc. raised its stake in HDFC Bank by 100.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank's stock worth $34,000 after acquiring an additional 498 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in HDFC Bank during the 3rd quarter worth approximately $43,000. Finally, BOCHK Asset Management Ltd lifted its holdings in HDFC Bank by 125.0% during the fourth quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank's stock valued at $66,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 17.61% of the company's stock.

HDFC Bank Stock Performance

HDB opened at $23.22 on Thursday. The stock has a market capitalization of $118.45 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.12 and a beta of 0.64. The company has a fifty day moving average of $24.89 and a 200 day moving average of $27.83. HDFC Bank Limited has a fifty-two week low of $22.91 and a fifty-two week high of $39.81.

HDFC Bank (NYSE:HDB - Get Free Report) last released its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, beating the consensus estimate of $0.38 by $0.02. The business had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 13.14%. On average, equities research analysts forecast that HDFC Bank Limited will post 1.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider N Srinivasan sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $8.72, for a total transaction of $87,200.00. Following the transaction, the insider directly owned 638,422 shares of the company's stock, valued at approximately $5,567,039.84. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ashish Parthasarthy sold 5,600 shares of HDFC Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total value of $48,720.00. Following the sale, the insider directly owned 842,958 shares of the company's stock, valued at approximately $7,333,734.60. This trade represents a 0.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HDB. Zacks Research raised shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. Weiss Ratings raised shares of HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday. Finally, Wall Street Zen cut HDFC Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 18th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold".

HDFC Bank Company Profile

HDFC Bank Limited is one of India's leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank's core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.