LGT Group Foundation Purchases New Shares in HDFC Bank Limited (NYSE:HDB)

Key Points

• LGT Group Foundation acquired a new position in HDFC Bank Limited, purchasing 81,719 shares valued at approximately $5.43 million.
• Institutional investors have significantly increased their stakes in HDFC Bank, with Larson Financial Group boosting its position by 1,217.1% within the first quarter.
• Wall Street analysts have upgraded HDFC Bank from a "sell" rating to a "hold" rating, reflecting growing confidence in the bank's performance.

LGT Group Foundation acquired a new stake in HDFC Bank Limited (NYSE:HDB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 81,719 shares of the bank's stock, valued at approximately $5,429,000.

Several other institutional investors and hedge funds also recently made changes to their positions in HDB. Larson Financial Group LLC raised its holdings in shares of HDFC Bank by 1,217.1% in the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank's stock valued at $31,000 after acquiring an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. raised 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 in the last quarter. NBC Securities Inc. purchased a new position in shares of HDFC Bank during the 1st quarter valued at about $55,000. Pinnacle Bancorp Inc. raised 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 in the last quarter. Finally, Rakuten Securities Inc. grew its position in HDFC Bank by 233.0% during the 1st quarter. Rakuten Securities Inc. now owns 899 shares of the bank's stock worth $60,000 after acquiring an additional 629 shares during the last quarter. Institutional investors own 17.61% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th.

HDFC Bank Trading Up 1.5%

Shares of HDB stock traded up $1.09 during trading hours on Friday, reaching $74.94. The company's stock had a trading volume of 1,654,155 shares, compared to its average volume of 1,836,277. The stock has a market capitalization of $191.15 billion, a P/E ratio of 22.99, a P/E/G ratio of 1.84 and a beta of 0.64. HDFC Bank Limited has a one year low of $57.78 and a one year high of $79.61. The firm's fifty day simple moving average is $75.94 and its 200 day simple moving average is $69.91.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings data on Saturday, July 19th. The bank reported $0.74 earnings per share for the quarter, missing analysts' consensus estimates of $0.75 by ($0.01). The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.03 billion. HDFC Bank had a return on equity of 11.60% and a net margin of 14.49%. As a group, equities research analysts forecast that HDFC Bank Limited will post 3.03 earnings per share for the current fiscal 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.