Wellington Management Group LLP Sells 172,115 Shares of HDFC Bank Limited $HDB

Key Points

• Wellington Management Group LLP reduced its stake in HDFC Bank by 3.5%, selling 172,115 shares, and now owns 4.74 million shares valued at approximately $315.2 million.
• Multiple institutional investors have significantly increased their holdings in HDFC Bank during the first quarter, with notable increases of over 1,200% and 448% from Larson Financial Group and Cullen Frost Bankers, respectively.
• HDFC Bank's stock reported earnings of $0.74 per share, slightly missing expectations, while it has a market cap of $191.1 billion and a consensus rating of "Strong Buy".

Wellington Management Group LLP lessened its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,744,000 shares of the bank's stock after selling 172,115 shares during the quarter. Wellington Management Group LLP owned 0.19% of HDFC Bank worth $315,191,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp increased its position in shares of HDFC Bank by 8.4% during the 1st quarter. Northern Trust Corp now owns 1,100,540 shares of the bank's stock valued at $73,120,000 after purchasing an additional 84,952 shares during the last quarter. Brooklyn Investment Group grew its position in HDFC Bank by 411.0% during the first quarter. Brooklyn Investment Group now owns 9,597 shares of the bank's stock valued at $638,000 after acquiring an additional 7,719 shares during the last quarter. Northwest & Ethical Investments L.P. grew its position in HDFC Bank by 10.7% during the first quarter. Northwest & Ethical Investments L.P. now owns 39,067 shares of the bank's stock valued at $2,596,000 after acquiring an additional 3,764 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in HDFC Bank by 10.3% during the first quarter. State of New Jersey Common Pension Fund D now owns 1,156,398 shares of the bank's stock valued at $76,831,000 after acquiring an additional 107,847 shares during the last quarter. Finally, Ethic Inc. grew its position in HDFC Bank by 9.8% during the first quarter. Ethic Inc. now owns 68,933 shares of the bank's stock valued at $4,498,000 after acquiring an additional 6,163 shares during the last quarter. Institutional investors own 17.61% of the company's stock.

Analysts Set New Price Targets

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

HDFC Bank Stock Performance

Shares of NYSE HDB traded down $1.4480 during mid-day trading on Friday, hitting $73.9720. 2,304,424 shares of the stock traded hands, compared to its average volume of 1,541,077. HDFC Bank Limited has a 52 week low of $57.78 and a 52 week high of $79.61. The company has a market cap of $188.68 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 1.93 and a beta of 0.64. The stock has a fifty day moving average price of $75.87 and a 200-day moving average price of $70.41.

HDFC Bank (NYSE:HDB - Get Free Report) last released its quarterly earnings results on Saturday, July 19th. The bank reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.03 billion. As a group, sell-side analysts predict that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

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.