Mirae Asset Global Investments Co. Ltd. Has $68.31 Million Stock Position in HDFC Bank Limited $HDB

Key Points

• Mirae Asset Global Investments reduced its holdings in HDFC Bank by 18.2% in Q2, owning 890,911 shares worth approximately $68.31 million after selling 197,574 shares during the period.
• Several institutional investors, including New Vernon Capital Holdings II LLC and GQG Partners LLC, have significantly increased their positions in HDFC Bank, indicating growing confidence in the bank’s performance.
• HDFC Bank recently declared a special dividend of $0.0854 per share, reflecting a dividend yield of 101.0%, with a payout ratio of 19.63%.

Mirae Asset Global Investments Co. Ltd. lowered its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 18.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 890,911 shares of the bank's stock after selling 197,574 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in HDFC Bank were worth $68,306,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. New Vernon Capital Holdings II LLC acquired a new position in shares of HDFC Bank during the 1st quarter worth $1,546,956,000. GQG Partners LLC raised its holdings in shares of HDFC Bank by 105.5% during the 1st quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock worth $1,076,128,000 after buying an additional 8,313,645 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of HDFC Bank by 53.5% during the 1st quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank's stock worth $745,107,000 after buying an additional 3,907,637 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of HDFC Bank by 2.1% during the 1st quarter. JPMorgan Chase & Co. now owns 9,616,713 shares of the bank's stock worth $638,934,000 after buying an additional 202,032 shares in the last quarter. Finally, Temasek Holdings Private Ltd raised its holdings in shares of HDFC Bank by 3.9% during the 1st quarter. Temasek Holdings Private Ltd now owns 8,895,662 shares of the bank's stock worth $591,028,000 after buying an additional 337,874 shares in the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on HDB shares. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, HDFC Bank presently has an average rating of "Buy".

HDFC Bank Stock Up 0.9%

Shares of HDB stock opened at $34.12 on Friday. The firm has a market capitalization of $174.04 billion, a P/E ratio of 20.93, a P/E/G ratio of 1.74 and a beta of 0.63. HDFC Bank Limited has a twelve month low of $28.89 and a twelve month high of $39.81. The stock's fifty day simple moving average is $36.24 and its 200 day simple moving average is $36.20.

HDFC Bank (NYSE:HDB - Get Free Report) last issued its quarterly earnings data on Saturday, July 19th. The bank reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The firm had revenue of $5.10 billion for 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 expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank Announces Dividend

The business also recently declared a special dividend, which was paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st were given 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 19.63%.

About HDFC Bank

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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