HDFC Bank Limited $HDB Shares Sold by Legal & General Group Plc

Legal & General Group Plc trimmed its stake in shares of HDFC Bank Limited (NYSE:HDB) by 2.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 610,898 shares of the bank’s stock after selling 16,194 shares during the quarter. Legal & General Group Plc’s holdings in HDFC Bank were worth $46,831,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Central Pacific Bank Trust Division purchased a new position in shares of HDFC Bank in the 2nd quarter valued at about $29,000. Roxbury Financial LLC purchased a new stake in shares of HDFC Bank during the second quarter worth approximately $30,000. Whipplewood Advisors LLC raised its holdings in HDFC Bank by 112.0% in the second quarter. Whipplewood Advisors LLC now owns 549 shares of the bank’s stock valued at $42,000 after acquiring an additional 290 shares in the last quarter. NewSquare Capital LLC lifted its stake in HDFC Bank by 136.4% in the second quarter. NewSquare Capital LLC now owns 676 shares of the bank’s stock worth $52,000 after acquiring an additional 390 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in HDFC Bank by 358.4% during the 2nd quarter. Assetmark Inc. now owns 706 shares of the bank’s stock worth $54,000 after acquiring an additional 552 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of HDFC Bank in a research report on Wednesday, October 8th. Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One equities research 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’s stock. According to data from MarketBeat.com, HDFC Bank presently has an average rating of “Moderate Buy”.

HDFC Bank Trading Down 0.7%

Shares of HDFC Bank stock opened at $36.13 on Wednesday. The company has a fifty day simple moving average of $35.76 and a 200-day simple moving average of $36.74. The stock has a market cap of $184.33 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.92 and a beta of 0.69. HDFC Bank Limited has a 12-month low of $28.89 and a 12-month high of $39.81.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Saturday, October 18th. The bank reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.08. HDFC Bank had a net margin of 14.94% and a return on equity of 11.49%. The firm had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $4.98 billion. On average, analysts forecast that HDFC Bank Limited will post 3.03 earnings per share 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.