HDFC Bank (NYSE:HDB) Announces Earnings Results, Beats Estimates By $0.01 EPS

HDFC Bank (NYSE:HDB) issued its quarterly earnings data on Monday. The bank reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01, reports. HDFC Bank had a net margin of 15.30% and a return on equity of 12.96%. The firm had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $5.06 billion.

HDFC Bank Trading Down 9.4%

HDB stock traded down $2.47 during trading on Monday, reaching $23.91. 11,978,297 shares of the stock were exchanged, compared to its average volume of 8,692,978. HDFC Bank has a twelve month low of $22.91 and a twelve month high of $39.81. The firm has a market cap of $121.99 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. The firm’s 50 day moving average is $24.92 and its 200 day moving average is $28.10.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HDB. Weiss Ratings reiterated a “sell (d+)” rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Wall Street Zen downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Zacks Research cut shares of HDFC Bank from a “hold” rating to a “strong sell” rating in a report on Thursday, June 18th. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, HDFC Bank currently has an average rating of “Sell”.

Insider Transactions at HDFC Bank

In related news, insider Ashish Parthasarthy sold 5,600 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total value of $48,720.00. Following the transaction, the insider owned 842,958 shares of the company’s stock, valued at approximately $7,333,734.60. This trade represents a 0.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider N Srinivasan sold 10,000 shares of HDFC Bank stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the transaction, the insider owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This trade represents a 1.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,600 shares of company stock worth $189,560 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HDFC Bank

Large investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of HDFC Bank by 9,866.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank’s stock valued at $271,381,000 after acquiring an additional 7,864,692 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of HDFC Bank by 94.3% in the 3rd quarter. Wellington Management Group LLP now owns 13,155,196 shares of the bank’s stock worth $449,381,000 after buying an additional 6,386,002 shares in the last quarter. Invesco Ltd. boosted its position in shares of HDFC Bank by 98.3% in the 3rd quarter. Invesco Ltd. now owns 12,338,006 shares of the bank’s stock valued at $421,466,000 after purchasing an additional 6,115,797 shares during the period. Lazard Asset Management LLC grew its stake in HDFC Bank by 107.8% during the 3rd quarter. Lazard Asset Management LLC now owns 11,476,763 shares of the bank’s stock valued at $392,046,000 after acquiring an additional 5,952,801 shares in the last quarter. Finally, Sustainable Growth Advisers LP lifted its position in HDFC Bank by 48.2% in the 3rd quarter. Sustainable Growth Advisers LP now owns 10,914,957 shares of the bank’s stock worth $372,855,000 after buying an additional 3,548,274 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors.

About HDFC Bank

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).