HDFC Bank Limited $HDB Shares Acquired by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC lifted its stake in HDFC Bank Limited (NYSE:HDB) by 39.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 111,349 shares of the bank’s stock after acquiring an additional 31,778 shares during the period. HDFC Bank accounts for approximately 0.6% of Legacy Wealth Asset Management LLC’s portfolio, making the stock its 24th biggest position. Legacy Wealth Asset Management LLC’s holdings in HDFC Bank were worth $2,876,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HDB. NewEdge Advisors LLC boosted its stake in HDFC Bank by 8.6% in the first quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank’s stock valued at $776,000 after acquiring an additional 922 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of HDFC Bank by 1.5% during the first quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank’s stock worth $58,723,000 after purchasing an additional 13,435 shares in the last quarter. Sivia Capital Partners LLC increased its position in shares of HDFC Bank by 24.5% during the second quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank’s stock worth $601,000 after purchasing an additional 1,541 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of HDFC Bank by 464.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank’s stock valued at $114,000 after purchasing an additional 1,221 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of HDFC Bank by 29.3% in the 2nd quarter. First Trust Advisors LP now owns 51,551 shares of the bank’s stock valued at $3,952,000 after purchasing an additional 11,689 shares during the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

HDB has been the topic of a number of research reports. Wall Street Zen downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. Weiss Ratings upgraded HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 20th. Finally, Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

HDFC Bank Stock Performance

NYSE HDB opened at $23.60 on Monday. The firm has a market cap of $120.41 billion, a PE ratio of 13.88, a P/E/G ratio of 1.11 and a beta of 0.65. HDFC Bank Limited has a one year low of $22.66 and a one year high of $38.01. The firm’s fifty day moving average is $24.72 and its two-hundred day moving average is $27.01.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. HDFC Bank had a net margin of 15.96% and a return on equity of 11.84%. The business had revenue of $14.02 billion during the quarter, compared to the consensus estimate of $5 billion. Research analysts predict that HDFC Bank Limited will post 1.67 earnings per share for the current year.

HDFC Bank Company Profile

HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).