PineStone Asset Management Inc. Sells 1,514,311 Shares of HDFC Bank Limited (NYSE:HDB)

PineStone Asset Management Inc. cut its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 33.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,954,649 shares of the bank’s stock after selling 1,514,311 shares during the quarter. HDFC Bank accounts for approximately 1.8% of PineStone Asset Management Inc.’s holdings, making the stock its 22nd biggest holding. PineStone Asset Management Inc.’s holdings in HDFC Bank were worth $184,843,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new stake in HDFC Bank during the 2nd quarter valued at about $166,709,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of HDFC Bank by 580.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 805,060 shares of the bank’s stock valued at $45,079,000 after purchasing an additional 686,789 shares during the period. Deprince Race & Zollo Inc. grew its holdings in shares of HDFC Bank by 56.3% in the second quarter. Deprince Race & Zollo Inc. now owns 139,612 shares of the bank’s stock worth $8,981,000 after purchasing an additional 50,301 shares during the last quarter. Norden Group LLC purchased a new position in shares of HDFC Bank in the first quarter worth $511,000. Finally, LRI Investments LLC bought a new stake in HDFC Bank during the 1st quarter valued at $125,000. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Price Performance

Shares of HDFC Bank stock opened at $63.04 on Friday. The business has a 50 day moving average of $62.41 and a 200 day moving average of $60.56. HDFC Bank Limited has a 52 week low of $52.16 and a 52 week high of $67.44. The company has a market cap of $159.64 billion, a PE ratio of 19.16, a P/E/G ratio of 1.68 and a beta of 0.92. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.34.

Analysts Set New Price Targets

A number of brokerages have issued reports on HDB. JPMorgan Chase & Co. lowered shares of HDFC Bank from an “overweight” rating to a “neutral” rating in a report on Monday, July 22nd. StockNews.com downgraded HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday, October 12th.

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.