PineStone Asset Management Inc. Raises Stake in HDFC Bank Limited $HDB

PineStone Asset Management Inc. grew its stake in HDFC Bank Limited (NYSE:HDB) by 2.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,074,467 shares of the bank’s stock after acquiring an additional 105,428 shares during the quarter. HDFC Bank comprises approximately 2.0% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 20th biggest position. PineStone Asset Management Inc.’s holdings in HDFC Bank were worth $312,389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of HDB. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in HDFC Bank by 68.3% during the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 81,290 shares of the bank’s stock worth $6,233,000 after purchasing an additional 32,976 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of HDFC Bank by 123.1% in the 2nd quarter. GAMMA Investing LLC now owns 5,335 shares of the bank’s stock valued at $409,000 after buying an additional 2,944 shares during the period. Park Avenue Securities LLC acquired a new stake in shares of HDFC Bank during the 2nd quarter worth approximately $2,232,000. Farther Finance Advisors LLC increased its stake in HDFC Bank by 50.7% during the second quarter. Farther Finance Advisors LLC now owns 4,137 shares of the bank’s stock worth $317,000 after acquiring an additional 1,391 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in HDFC Bank by 10.4% in the second quarter. UMB Bank n.a. now owns 3,578 shares of the bank’s stock valued at $274,000 after buying an additional 337 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

Analyst Upgrades and Downgrades

HDB has been the subject of a number of recent analyst reports. Zacks Research cut shares of HDFC Bank from a “hold” rating to a “strong sell” rating in a research report on Friday, August 29th. Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a research 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, the company has a consensus rating of “Moderate Buy”.

HDFC Bank Price Performance

Shares of NYSE:HDB opened at $34.24 on Friday. The firm has a market capitalization of $174.65 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 1.77 and a beta of 0.63. HDFC Bank Limited has a 1 year low of $28.89 and a 1 year high of $39.81. The firm’s 50-day moving average is $36.72 and its two-hundred day moving average is $36.07.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings data on Saturday, July 19th. The bank reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). HDFC Bank had a net margin of 14.49% and a return on equity of 11.60%. The business had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.03 billion. Analysts expect that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Wednesday, August 20th. Stockholders of record on Thursday, July 31st were given a dividend of $0.0854 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a dividend yield of 101.0%. HDFC Bank’s dividend payout ratio is currently 19.63%.

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.