New Vernon Capital Holdings II LLC Makes New $1.55 Billion Investment in HDFC Bank Limited $HDB

New Vernon Capital Holdings II LLC acquired a new position in HDFC Bank Limited (NYSE:HDB) in the first quarter, HoldingsChannel reports. The institutional investor acquired 23,283,499 shares of the bank’s stock, valued at approximately $1,546,956,000. HDFC Bank accounts for approximately 7.0% of New Vernon Capital Holdings II LLC’s investment portfolio, making the stock its 2nd biggest position.

A number of other large investors also recently modified their holdings of HDB. GQG Partners LLC boosted its holdings in HDFC Bank by 105.5% in the 1st quarter. GQG Partners LLC now owns 16,196,992 shares of the bank’s stock worth $1,076,128,000 after buying an additional 8,313,645 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of HDFC Bank by 6,502.2% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,868,259 shares of the bank’s stock valued at $389,887,000 after acquiring an additional 5,779,375 shares in the last quarter. Royal Bank of Canada lifted its position in shares of HDFC Bank by 53.5% in the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank’s stock valued at $745,107,000 after acquiring an additional 3,907,637 shares in the last quarter. Nuveen LLC bought a new position in shares of HDFC Bank in the first quarter worth about $178,342,000. Finally, National Bank of Canada FI grew its position in shares of HDFC Bank by 81.3% during the first quarter. National Bank of Canada FI now owns 3,483,173 shares of the bank’s stock worth $231,422,000 after purchasing an additional 1,561,505 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Price Performance

Shares of HDB opened at $70.62 on Friday. The stock has a market capitalization of $180.13 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 1.82 and a beta of 0.63. HDFC Bank Limited has a 1 year low of $57.78 and a 1 year high of $79.61. The business’s 50 day simple moving average is $75.20 and its 200-day simple moving average is $71.07.

HDFC Bank (NYSE:HDB) last posted its 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). The business had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $5.03 billion. HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. On average, sell-side analysts expect that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Dividend Announcement

The firm also recently announced a special dividend, which was paid on Wednesday, August 20th. Stockholders of record on Thursday, July 31st were issued a $0.1707 dividend. The ex-dividend date was Thursday, July 31st. This represents a dividend yield of 101.0%. HDFC Bank’s payout ratio is 19.63%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on HDB shares. Zacks Research downgraded HDFC Bank from a “hold” rating to a “strong sell” rating in a research note on Friday, August 29th. Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, HDFC Bank currently has an average rating of “Moderate Buy”.

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.