Meitav Investment House Ltd. Boosts Stock Holdings in HDFC Bank Limited $HDB

Key Points

• Meitav Investment House Ltd. increased its holdings in HDFC Bank Limited by 32.2% during Q2, bringing its total ownership to 575,000 shares valued at approximately $44 million.
• Various institutional investors have also expanded their stakes, with notable increases from Marks Group Wealth Management and Empirical Financial Services, contributing to a total institutional ownership of 17.61%.
• HDFC Bank recently announced a special dividend of $0.0854 per share, which was paid to investors on August 20th, reflecting a significant dividend yield of 101.0%.

Meitav Investment House Ltd. raised its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 32.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 575,000 shares of the bank's stock after purchasing an additional 140,000 shares during the period. Meitav Investment House Ltd.'s holdings in HDFC Bank were worth $44,111,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Marks Group Wealth Management Inc increased its position in HDFC Bank by 12.4% during the 2nd quarter. Marks Group Wealth Management Inc now owns 18,710 shares of the bank's stock valued at $1,434,000 after purchasing an additional 2,062 shares during the period. Boston Common Asset Management LLC increased its position in HDFC Bank by 5.8% during the 2nd quarter. Boston Common Asset Management LLC now owns 451,858 shares of the bank's stock valued at $34,644,000 after purchasing an additional 24,743 shares during the period. Figure 8 Investment Strategies LLC grew its position in shares of HDFC Bank by 1.9% in the 2nd quarter. Figure 8 Investment Strategies LLC now owns 23,830 shares of the bank's stock worth $1,827,000 after buying an additional 455 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of HDFC Bank by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 23,718 shares of the bank's stock worth $1,818,000 after buying an additional 1,289 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of HDFC Bank by 105.3% in the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,320 shares of the bank's stock worth $485,000 after buying an additional 3,241 shares during the last quarter. Hedge funds and other institutional investors own 17.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on HDB shares. Zacks Research raised shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of HDFC Bank in a research report on Saturday, September 27th. Finally, Wall Street Zen raised shares of HDFC Bank from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, HDFC Bank presently has a consensus rating of "Moderate Buy".

HDFC Bank Price Performance

HDB opened at $34.79 on Tuesday. The firm has a fifty day moving average price of $36.07 and a 200 day moving average price of $36.30. HDFC Bank Limited has a 1 year low of $28.89 and a 1 year high of $39.81. The stock has a market cap of $177.48 billion, a P/E ratio of 21.34, a P/E/G ratio of 1.77 and a beta of 0.63.

HDFC Bank (NYSE:HDB - Get Free Report) last posted its earnings results on Saturday, July 19th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The firm had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.03 billion. Equities analysts expect that HDFC Bank Limited will post 3.03 EPS for the current year.

HDFC Bank Dividend Announcement

The company also recently announced a special dividend, which was paid on Wednesday, August 20th. Investors of record on Thursday, July 31st were paid a $0.0854 dividend. This represents a dividend yield of 101.0%. The ex-dividend date was Thursday, July 31st. HDFC Bank's payout ratio is currently 19.63%.

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.

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