Oppenheimer Asset Management Inc. Trims Stock Position in HDFC Bank Limited $HDB

Oppenheimer Asset Management Inc. cut its stake in HDFC Bank Limited (NYSE:HDB) by 2.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,877 shares of the bank’s stock after selling 6,347 shares during the period. Oppenheimer Asset Management Inc.’s holdings in HDFC Bank were worth $17,395,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. New Vernon Capital Holdings II LLC purchased a new stake in HDFC Bank in the first quarter valued at $1,546,956,000. GQG Partners LLC lifted its position in HDFC Bank by 105.5% in 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. Royal Bank of Canada lifted its position in HDFC Bank by 53.5% in the first quarter. Royal Bank of Canada now owns 11,214,711 shares of the bank’s stock valued at $745,107,000 after acquiring an additional 3,907,637 shares during the last quarter. JPMorgan Chase & Co. lifted its position in HDFC Bank by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 9,616,713 shares of the bank’s stock valued at $638,934,000 after acquiring an additional 202,032 shares during the last quarter. Finally, Temasek Holdings Private Ltd lifted its position in HDFC Bank by 3.9% in the first quarter. Temasek Holdings Private Ltd now owns 8,895,662 shares of the bank’s stock valued at $591,028,000 after acquiring an additional 337,874 shares during the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on HDB. Zacks Research raised shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of HDFC Bank in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, HDFC Bank presently has an average rating of “Moderate Buy”.

HDFC Bank Stock Up 1.0%

NYSE HDB opened at $36.81 on Monday. The stock has a market capitalization of $187.77 billion, a P/E ratio of 22.38, a P/E/G ratio of 1.91 and a beta of 0.63. HDFC Bank Limited has a 52-week low of $28.89 and a 52-week high of $39.81. The firm has a 50-day moving average price of $35.52 and a 200 day moving average price of $36.60.

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

About HDFC Bank

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.