M&G PLC Grows Position in HDFC Bank Limited $HDB

M&G PLC lifted its position in HDFC Bank Limited (NYSE:HDB) by 184.2% during the 2nd quarter, Holdings Channel reports. The firm owned 3,407,929 shares of the bank’s stock after acquiring an additional 2,208,824 shares during the period. HDFC Bank comprises about 1.4% of M&G PLC’s holdings, making the stock its 16th biggest holding. M&G PLC’s holdings in HDFC Bank were worth $262,411,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. New Vernon Capital Holdings II LLC purchased a new stake in HDFC Bank during the 1st quarter valued at $1,546,956,000. GQG Partners LLC raised its stake in shares of HDFC Bank by 105.5% during the first quarter. GQG Partners LLC now owns 16,196,992 shares of the bank’s stock valued at $1,076,128,000 after acquiring an additional 8,313,645 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of HDFC Bank by 3,715.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,199,717 shares of the bank’s stock valued at $279,029,000 after acquiring an additional 4,089,647 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of HDFC Bank by 53.5% during the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank’s stock worth $745,107,000 after purchasing an additional 3,907,637 shares during the period. Finally, Nuveen LLC bought a new stake in shares of HDFC Bank in the first quarter worth about $178,342,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of HDFC Bank in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy”.

HDFC Bank Stock Performance

Shares of NYSE:HDB opened at $36.73 on Wednesday. The firm has a market capitalization of $187.36 billion, a P/E ratio of 22.33, a P/E/G ratio of 1.92 and a beta of 0.69. The stock has a 50 day moving average price of $35.50 and a 200-day moving average price of $36.71. HDFC Bank Limited has a 52-week low of $28.89 and a 52-week high of $39.81.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings results on Saturday, October 18th. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.08. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.98 billion. HDFC Bank had a return on equity of 11.49% and a net margin of 14.94%. On average, equities analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank 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.