Renaissance Technologies LLC Takes $3.22 Million Position in HDFC Bank Limited $HDB

Key Points

• Renaissance Technologies acquired 129,300 shares of HDFC Bank in the first quarter, establishing a position valued at approximately $3.22 million. Hedge funds and other institutional investors own 17.61% of the bank.
• Analyst sentiment is mixed but centers on a “Hold” consensus: Weiss Ratings and Zacks Research upgraded the stock to Hold, while Wall Street Zen downgraded it to Sell.
• HDFC Bank shares opened at $23.60, down 0.7%, and remain near their 12-month low of $22.66. The bank beat quarterly EPS estimates, reporting $0.40 versus the $0.38 consensus, while revenue reached $14.02 billion.

Renaissance Technologies LLC acquired a new position in HDFC Bank Limited (NYSE:HDB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 129,300 shares of the bank's stock, valued at approximately $3,217,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC lifted its holdings in shares of HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank's stock valued at $29,000 after purchasing an additional 403 shares in the last quarter. Bell Investment Advisors Inc grew its holdings in shares of HDFC Bank by 260.9% during the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank's stock valued at $34,000 after buying an additional 1,002 shares in the last quarter. Pin Oak Investment Advisors Inc. grew its holdings in shares of HDFC Bank by 100.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank's stock valued at $34,000 after buying an additional 498 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in HDFC Bank during the third quarter valued at $43,000. Finally, Cary Street Partners Financial LLC acquired a new position in HDFC Bank during the second quarter valued at $75,000. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings upgraded HDFC Bank from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, July 20th. Zacks Research upgraded HDFC Bank from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Finally, Wall Street Zen lowered shares of HDFC Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold".

HDFC Bank Stock Down 0.7%

HDFC Bank stock opened at $23.60 on Friday. HDFC Bank Limited has a 12 month low of $22.66 and a 12 month high of $38.01. The stock has a market cap of $120.41 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.11 and a beta of 0.65. The company's fifty day simple moving average is $24.72 and its 200-day simple moving average is $27.05.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. The business had revenue of $14.02 billion during the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%. On average, equities research analysts expect that HDFC Bank Limited will post 1.67 earnings per share for the current fiscal year.

About HDFC Bank

HDFC Bank Limited is one of India's leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank's core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).

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