Price T Rowe Associates Inc. MD Boosts Stock Position in HDFC Bank Limited $HDB

Key Points

• Price T Rowe Associates Inc. MD increased its holdings in HDFC Bank Limited by 2.7%, owning over 1 million shares valued at approximately $69 million.
• HDFC Bank's stock opened at $72.86, with a market cap of $185.85 billion and a one-year trading range between $57.78 and $79.61.
• Analysts have upgraded HDFC Bank's rating to a "hold," with a consensus rating now at "Strong Buy."

Price T Rowe Associates Inc. MD raised its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,038,704 shares of the bank's stock after purchasing an additional 27,526 shares during the period. Price T Rowe Associates Inc. MD's holdings in HDFC Bank were worth $69,013,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in HDB. GQG Partners LLC boosted its stake in HDFC Bank by 105.5% during the 1st quarter. GQG Partners LLC now owns 16,196,992 shares of the bank's stock valued at $1,076,128,000 after purchasing an additional 8,313,645 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in HDFC Bank by 6,502.2% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,868,259 shares of the bank's stock valued at $389,887,000 after purchasing an additional 5,779,375 shares during the last quarter. Nuveen LLC purchased a new stake in HDFC Bank during the 1st quarter valued at $178,342,000. Royal Bank of Canada boosted its stake in HDFC Bank by 43.0% during the 4th quarter. Royal Bank of Canada now owns 7,307,074 shares of the bank's stock valued at $466,629,000 after purchasing an additional 2,196,315 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in HDFC Bank by 81.3% during the 1st quarter. National Bank of Canada FI now owns 3,483,173 shares of the bank's stock valued at $231,422,000 after purchasing an additional 1,561,505 shares during the last quarter. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Stock Performance

Shares of HDFC Bank stock opened at $72.86 on Tuesday. HDFC Bank Limited has a one year low of $57.78 and a one year high of $79.61. The stock's fifty day moving average is $75.83 and its 200 day moving average is $70.61. The stock has a market cap of $185.85 billion, a P/E ratio of 22.35, a P/E/G ratio of 1.89 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its earnings results on Saturday, July 19th. The bank reported $0.74 EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($0.01). The company had revenue of $5.10 billion during 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%. Analysts predict that HDFC Bank Limited will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.