Mackenzie Financial Corp Sells 7,722 Shares of HDFC Bank Limited (NYSE:HDB)

Key Points

• Mackenzie Financial Corp has reduced its holdings in HDFC Bank by 0.8%, selling 7,722 shares, and now owns approximately 938,162 shares valued at $62.3 million.
• HDFC Bank reported earnings per share of $0.74 for the last quarter, which missed analysts' estimates of $0.75, while revenue was $5.1 billion, surpassing expectations.
• Wall Street Zen upgraded HDFC Bank's rating from a "sell" to a "hold," reflecting a change in market sentiment.

Mackenzie Financial Corp reduced its stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 0.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 938,162 shares of the bank's stock after selling 7,722 shares during the quarter. Mackenzie Financial Corp's holdings in HDFC Bank were worth $62,331,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of HDB. Larson Financial Group LLC grew its position 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 purchasing an additional 426 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of HDFC Bank by 63.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 617 shares of the bank's stock valued at $39,000 after purchasing an additional 240 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of HDFC Bank by 448.7% in the 1st quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank's stock valued at $41,000 after purchasing an additional 507 shares during the period. NBC Securities Inc. acquired a new position in shares of HDFC Bank in the 1st quarter valued at approximately $55,000. Finally, Pinnacle Bancorp Inc. grew its position in shares of HDFC Bank by 109.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 847 shares of the bank's stock valued at $56,000 after purchasing an additional 443 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

HDFC Bank Price Performance

NYSE:HDB traded up $0.03 during trading hours on Friday, reaching $76.80. 417,358 shares of the stock were exchanged, compared to its average volume of 2,645,583. HDFC Bank Limited has a twelve month low of $57.24 and a twelve month high of $79.61. The firm has a 50 day moving average of $75.92 and a 200 day moving average of $68.69. The stock has a market cap of $194.49 billion, a PE ratio of 23.56, a PEG ratio of 1.91 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last released its quarterly earnings results 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). HDFC Bank had a return on equity of 11.60% and a net margin of 14.49%. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.03 billion. Equities research analysts anticipate that HDFC Bank Limited will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

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 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.