HDFC Bank Limited $HDB Stake Cut by Ethic Inc.

Ethic Inc. lessened its holdings in HDFC Bank Limited (NYSE:HDB) by 16.7% in the third quarter, HoldingsChannel.com reports. The firm owned 183,777 shares of the bank’s stock after selling 36,712 shares during the period. Ethic Inc.’s holdings in HDFC Bank were worth $4,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Axiom Investment Management LLC acquired a new stake in shares of HDFC Bank during the first quarter worth $32,000. Integrated Wealth Concepts LLC bought a new position in shares of HDFC Bank in the 2nd quarter worth about $66,000. Boit C F David acquired a new position in shares of HDFC Bank in the 3rd quarter valued at about $69,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of HDFC Bank by 33.3% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank’s stock valued at $85,000 after buying an additional 952 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of HDFC Bank by 215.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock valued at $99,000 after buying an additional 2,642 shares during the period. Institutional investors own 17.61% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on HDB shares. Wall Street Zen upgraded shares of HDFC Bank from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. The Goldman Sachs Group initiated coverage on HDFC Bank in a research note on Friday, August 21st. They issued a “buy” rating for the company. Weiss Ratings downgraded HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Finally, HSBC lowered HDFC Bank from a “buy” rating to a “hold” rating and lowered their target price for the company from $30.80 to $26.10 in a report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, HDFC Bank currently has a consensus rating of “Hold” and a consensus target price of $26.10.

HDFC Bank Price Performance

Shares of HDFC Bank stock opened at $25.99 on Wednesday. HDFC Bank Limited has a 1-year low of $21.36 and a 1-year high of $37.35. The business’s fifty day moving average price is $22.89 and its two-hundred day moving average price is $25.61. The company has a market capitalization of $133.34 billion, a P/E ratio of 14.85, a PEG ratio of 1.43 and a beta of 0.64.

HDFC Bank (NYSE:HDB) last released its quarterly earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analysts’ expectations of $4.95 billion. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. On average, research analysts expect that HDFC Bank Limited will post 1.65 earnings per share for the current fiscal year.

HDFC Bank Profile

HDFC Bank Limited is an India-based banking and financial services company headquartered in Mumbai. Incorporated in 1994, it began banking operations in 1995 and serves individuals, businesses and institutions across India. The bank offers savings and current accounts, deposits, loans, credit and debit cards, payment services, and digital banking. Its business also includes wholesale banking, treasury services and wealth management. In 2023, HDFC Limited, a housing finance company, merged with HDFC Bank, bringing its housing finance activities into the bank.