HDFC Bank (NYSE:HDB) Announces Quarterly Earnings Results

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

HDFC Bank Stock Down 9.0%

Shares of NYSE:HDB traded down $2.39 during midday trading on Monday, reaching $23.99. 11,363,380 shares of the company traded hands, compared to its average volume of 8,690,412. The firm’s fifty day moving average price is $24.92 and its two-hundred day moving average price is $28.10. The firm has a market capitalization of $122.40 billion, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. HDFC Bank has a 12 month low of $22.91 and a 12 month high of $39.81.

Insider Transactions at HDFC Bank

In related news, insider Ashish Parthasarthy sold 5,600 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.70, for a total value of $48,720.00. Following the sale, the insider owned 842,958 shares in the company, valued at approximately $7,333,734.60. This trade represents a 0.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider N Srinivasan sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was 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 approximately $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 21,600 shares of company stock worth $189,560. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HDB. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of HDFC Bank by 9,866.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank’s stock worth $271,381,000 after purchasing an additional 7,864,692 shares during the last quarter. Wellington Management Group LLP grew its position 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 during the last quarter. Invesco Ltd. raised its holdings in shares of HDFC Bank by 98.3% during the third quarter. Invesco Ltd. now owns 12,338,006 shares of the bank’s stock valued at $421,466,000 after acquiring an additional 6,115,797 shares in the last quarter. Lazard Asset Management LLC lifted its stake in HDFC Bank by 107.8% in the third quarter. Lazard Asset Management LLC now owns 11,476,763 shares of the bank’s stock worth $392,046,000 after acquiring an additional 5,952,801 shares during the period. Finally, Sustainable Growth Advisers LP boosted its holdings in HDFC Bank by 48.2% in the third quarter. Sustainable Growth Advisers LP now owns 10,914,957 shares of the bank’s stock valued at $372,855,000 after acquiring an additional 3,548,274 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Analyst Ratings Changes

HDB has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of HDFC Bank in a research note on Wednesday, June 3rd. Wall Street Zen lowered HDFC Bank from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Zacks Research lowered HDFC Bank from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

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).