PineStone Asset Management Inc. Grows Position in HDFC Bank Limited $HDB

Key Points

• PineStone Asset Management Inc. increased its stake in HDFC Bank Limited by 2.7%, now holding over 4 million shares valued at approximately $312.4 million.
• Several institutional investors, including BNP Paribas Financial Markets and Eminence Capital LP, significantly boosted their holdings in HDFC Bank during the first quarter, indicating growing confidence in the bank's performance.
• HDFC Bank's recent earnings report revealed an EPS of $0.37, missing expectations, although revenues surpassed analyst estimates; the company also declared a special dividend yielding 101.0% paid in August.

PineStone Asset Management Inc. lifted its position in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,074,467 shares of the bank's stock after purchasing an additional 105,428 shares during the quarter. HDFC Bank accounts for approximately 2.0% of PineStone Asset Management Inc.'s portfolio, making the stock its 20th largest holding. PineStone Asset Management Inc. owned 0.16% of HDFC Bank worth $312,389,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in HDFC Bank by 81.0% in the first quarter. BNP Paribas Financial Markets now owns 568,407 shares of the bank's stock valued at $37,765,000 after buying an additional 254,395 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of HDFC Bank in the 1st quarter valued at about $19,366,000. Raiffeisen Bank International AG raised its holdings in HDFC Bank by 21.3% in the 1st quarter. Raiffeisen Bank International AG now owns 193,223 shares of the bank's stock worth $12,778,000 after purchasing an additional 33,983 shares during the period. Immersion Capital LLP purchased a new position in HDFC Bank during the first quarter worth approximately $19,753,000. Finally, Eminence Capital LP grew its holdings in HDFC Bank by 18.9% in the first quarter. Eminence Capital LP now owns 1,186,551 shares of the bank's stock valued at $78,834,000 after purchasing an additional 189,015 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on HDB. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Zacks Research cut shares of HDFC Bank from a "hold" rating to a "strong sell" rating in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy".

HDFC Bank Stock Performance

Shares of HDB stock opened at $34.24 on Friday. HDFC Bank Limited has a fifty-two week low of $28.89 and a fifty-two week high of $39.81. The stock's fifty day moving average is $36.72 and its two-hundred day moving average is $36.07. The firm has a market capitalization of $174.65 billion, a P/E ratio of 21.00, a PEG ratio of 1.77 and a beta of 0.63.

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

HDFC Bank Dividend Announcement

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

HDFC Bank Company 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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