Mirae Asset Global Investments Co. Ltd. Sells 197,574 Shares of HDFC Bank Limited $HDB

Mirae Asset Global Investments Co. Ltd. lessened its stake in HDFC Bank Limited (NYSE:HDB) by 18.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 890,911 shares of the bank’s stock after selling 197,574 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in HDFC Bank were worth $68,306,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in HDB. Central Pacific Bank Trust Division bought a new stake in shares of HDFC Bank in the 2nd quarter valued at about $29,000. Roxbury Financial LLC bought a new stake in shares of HDFC Bank during the 2nd quarter valued at about $30,000. Larson Financial Group LLC boosted its position in shares of HDFC Bank by 1,217.1% during the 1st quarter. Larson Financial Group LLC now owns 461 shares of the bank’s stock valued at $31,000 after purchasing an additional 426 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of HDFC Bank by 448.7% during the 1st quarter. Cullen Frost Bankers Inc. now owns 620 shares of the bank’s stock valued at $41,000 after purchasing an additional 507 shares in the last quarter. Finally, NBC Securities Inc. bought a new stake in shares of HDFC Bank during the 1st quarter valued at about $55,000. Institutional investors own 17.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy”.

HDFC Bank Stock Performance

HDB stock opened at $34.12 on Friday. The stock’s 50 day simple moving average is $36.24 and its 200 day simple moving average is $36.20. HDFC Bank Limited has a fifty-two week low of $28.89 and a fifty-two week high of $39.81. The company has a market cap of $174.04 billion, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 1.74 and a beta of 0.63.

HDFC Bank (NYSE:HDB) last posted its quarterly earnings results 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 return on equity of 11.60% and a net margin of 14.49%.The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.03 billion. Equities analysts predict that HDFC Bank Limited will post 3.03 earnings per share for the current year.

HDFC Bank Announces Dividend

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

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.