TT International Asset Management LTD Purchases New Position in HDFC Bank Limited $HDB

Key Points

• TT International Asset Management opened a substantial HDFC Bank position, buying 3.81 million shares worth about $85 million. The stock now represents roughly 9.5% of its portfolio and is its fourth-largest holding.
• Other major institutions also increased or established stakes; institutional investors and hedge funds collectively own 17.61% of HDFC Bank.
• HDFC Bank reported quarterly EPS of $0.42, beating the $0.40 consensus, while analysts’ average rating is Hold with a $26.10 average price target.

TT International Asset Management LTD acquired a new stake in shares of HDFC Bank Limited (NYSE:HDB - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,805,941 shares of the bank's stock, valued at approximately $85,025,000. HDFC Bank accounts for about 9.5% of TT International Asset Management LTD's investment portfolio, making the stock its 4th biggest holding. TT International Asset Management LTD owned approximately 0.07% of HDFC Bank at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in HDFC Bank by 16,808.5% in the first quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank's stock worth $447,289,000 after buying an additional 17,871,520 shares during the period. Bank of America Corp DE boosted its holdings in shares of HDFC Bank by 40.7% during the first quarter. Bank of America Corp DE now owns 10,549,235 shares of the bank's stock valued at $262,465,000 after acquiring an additional 3,051,055 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of HDFC Bank during the second quarter valued at $65,204,000. Royal Bank of Canada boosted its holdings in shares of HDFC Bank by 6.3% during the first quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank's stock valued at $1,055,372,000 after acquiring an additional 2,520,716 shares during the period. Finally, NINE MASTS CAPITAL Ltd grew its position in shares of HDFC Bank by 105.5% during the second quarter. NINE MASTS CAPITAL Ltd now owns 3,905,609 shares of the bank's stock worth $100,882,000 after acquiring an additional 2,004,800 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

HDFC Bank Stock Up 1.4%

HDB stock opened at $23.02 on Wednesday. The company has a market capitalization of $118.14 billion, a P/E ratio of 13.16, a PEG ratio of 1.25 and a beta of 0.64. The company has a 50-day simple moving average of $22.67 and a 200 day simple moving average of $25.78. HDFC Bank Limited has a fifty-two week low of $21.36 and a fifty-two week high of $37.35.

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

Analyst Ratings Changes

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

HDFC Bank Company Profile

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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