HDFC Bank Limited (NYSE:HDB) Shares Sold by Summit Global Investments

Summit Global Investments lessened its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 60.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,598 shares of the bank’s stock after selling 29,353 shares during the quarter. Summit Global Investments’ holdings in HDFC Bank were worth $1,261,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Royal London Asset Management Ltd. grew its position in shares of HDFC Bank by 234.1% in the 4th quarter. Royal London Asset Management Ltd. now owns 6,690,063 shares of the bank’s stock worth $448,970,000 after acquiring an additional 4,687,487 shares in the last quarter. Capital World Investors raised its stake in HDFC Bank by 208.6% during the 1st quarter. Capital World Investors now owns 4,124,751 shares of the bank’s stock valued at $230,862,000 after acquiring an additional 2,788,197 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of HDFC Bank during the 2nd quarter valued at $166,709,000. PineStone Asset Management Inc. increased its position in shares of HDFC Bank by 115.1% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,468,960 shares of the bank’s stock valued at $287,488,000 after purchasing an additional 2,391,343 shares during the period. Finally, Harding Loevner LP grew its holdings in shares of HDFC Bank by 31.7% in the 4th quarter. Harding Loevner LP now owns 9,456,666 shares of the bank’s stock worth $621,646,000 after acquiring an additional 2,276,203 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

Wall Street Analysts Forecast Growth

HDB has been the subject of a number of analyst reports. StockNews.com cut HDFC Bank from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. lowered HDFC Bank from an “overweight” rating to a “neutral” rating in a report on Monday, July 22nd.

HDFC Bank Stock Performance

Shares of NYSE:HDB traded up $0.19 during trading on Wednesday, reaching $60.28. 804,278 shares of the stock were exchanged, compared to its average volume of 3,172,718. HDFC Bank Limited has a 12 month low of $52.16 and a 12 month high of $67.44. The firm has a market cap of $112.12 billion, a PE ratio of 18.44, a PEG ratio of 1.66 and a beta of 0.92. The stock has a 50-day moving average price of $61.30 and a 200-day moving average price of $58.11. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.37.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings data on Monday, July 22nd. The bank reported $0.78 EPS for the quarter, beating the consensus estimate of $0.51 by $0.27. The business had revenue of $14.03 billion during the quarter, compared to the consensus estimate of $4.81 billion. HDFC Bank had a net margin of 14.69% and a return on equity of 12.64%. Research analysts expect that HDFC Bank Limited will post 2.88 EPS for the current fiscal year.

HDFC Bank Company 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.