Wellington Management Group LLP Reduces Stock Holdings in 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 decreased its position in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised its holdings in HDFC Bank by 6.8% in the 1st quarter. GAMMA Investing LLC now owns 2,391 shares of the bank's stock valued at $159,000 after buying an additional 153 shares during the period. DMC Group LLC increased its stake in HDFC Bank by 2.5% during the first quarter. DMC Group LLC now owns 7,418 shares of the bank's stock worth $493,000 after purchasing an additional 181 shares during the period. Platform Technology Partners grew its position in shares of HDFC Bank by 2.7% during the first quarter. Platform Technology Partners now owns 7,644 shares of the bank's stock worth $508,000 after buying an additional 201 shares in the last quarter. Portside Wealth Group LLC grew its position in shares of HDFC Bank by 2.7% during the first quarter. Portside Wealth Group LLC now owns 9,014 shares of the bank's stock worth $599,000 after buying an additional 241 shares in the last quarter. Finally, Eagle Global Advisors LLC grew its position in shares of HDFC Bank by 0.4% during the fourth quarter. Eagle Global Advisors LLC now owns 84,660 shares of the bank's stock worth $5,406,000 after buying an additional 305 shares in the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat.com, HDFC Bank presently has an average rating of "Strong Buy".

HDFC Bank Stock Performance

HDFC Bank stock traded down $0.5610 during midday trading on Monday, reaching $73.4290. The company's stock had a trading volume of 528,360 shares, compared to its average volume of 2,535,978. HDFC Bank Limited has a fifty-two week low of $57.78 and a fifty-two week high of $79.61. The stock's 50 day simple moving average is $75.87 and its 200 day simple moving average is $70.53. The firm has a market capitalization of $187.30 billion, a PE ratio of 22.53, a P/E/G ratio of 1.89 and a beta of 0.64.

HDFC Bank (NYSE:HDB - Get Free Report) last announced its quarterly earnings results on Saturday, July 19th. The bank reported $0.74 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $5.03 billion. Equities analysts predict that HDFC Bank Limited will post 3.03 earnings per share for the current 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.