Mirae Asset Global Investments Co. Ltd. Buys New Shares in HDFC Bank Limited $HDB

Key Points

• Mirae Asset Global Investments opened a new HDFC Bank position, buying 281,524 shares worth approximately $6.29 million in the third quarter.
• HDFC Bank reported quarterly earnings of $0.42 per share, beating the $0.40 analyst consensus; revenue was $8.20 billion.
• Analyst views were mixed, with the stock carrying a consensus Hold rating and a $26.10 average price target. Institutional investors and hedge funds owned 17.61% of shares.

Mirae Asset Global Investments Co. Ltd. bought a new position in HDFC Bank Limited (NYSE:HDB - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 281,524 shares of the bank's stock, valued at approximately $6,289,000.

Other institutional investors also recently bought and sold shares of the company. Ashoka WhiteOak Capital Pte Ltd grew its position in shares of HDFC Bank by 8.0% in the third quarter. Ashoka WhiteOak Capital Pte Ltd now owns 672,400 shares of the bank's stock valued at $15,021,000 after purchasing an additional 49,520 shares during the period. Pinnacle Wealth Planning Services Inc. increased its stake in HDFC Bank by 33.3% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank's stock valued at $85,000 after purchasing an additional 952 shares during the last quarter. Deltec Asset Management LLC lifted its position in HDFC Bank by 12.2% during the third quarter. Deltec Asset Management LLC now owns 59,700 shares of the bank's stock worth $1,334,000 after buying an additional 6,500 shares during the period. Crossmark Global Holdings Inc. lifted its position in HDFC Bank by 34.4% during the third quarter. Crossmark Global Holdings Inc. now owns 175,050 shares of the bank's stock worth $3,911,000 after buying an additional 44,802 shares during the period. Finally, Canoe Financial LP lifted its position in HDFC Bank by 2.8% during the third quarter. Canoe Financial LP now owns 255,680 shares of the bank's stock worth $5,868,000 after buying an additional 7,000 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

HDFC Bank Stock Up 1.5%

HDB stock opened at $24.69 on Friday. The company has a market cap of $126.71 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.34 and a beta of 0.64. The business has a fifty day simple moving average of $22.71 and a 200-day simple moving average of $25.70. HDFC Bank Limited has a 52 week low of $21.36 and a 52 week high of $37.35.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. The firm had revenue of $8.20 billion for the quarter, compared to analysts' expectations of $4.95 billion. As a group, analysts expect that HDFC Bank Limited will post 1.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HDB has been the topic of a number of research analyst reports. Weiss Ratings lowered HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, September 25th. Zacks Research raised shares of HDFC Bank from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. HSBC lowered shares of HDFC Bank from a "buy" rating to a "hold" rating and cut their price objective for the stock from $30.80 to $26.10 in a report on Monday, August 31st. The Goldman Sachs Group began coverage on shares of HDFC Bank in a research report on Friday, August 21st. They issued a "buy" rating on the stock. Finally, Wall Street Zen upgraded shares of HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, October 24th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, HDFC Bank has a consensus rating of "Hold" and a consensus target price of $26.10.

About HDFC Bank

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.

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