PNC Financial Services Group Inc. Decreases Holdings in HDFC Bank Limited $HDB

PNC Financial Services Group Inc. reduced its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 34.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 157,118 shares of the bank’s stock after selling 81,235 shares during the quarter. PNC Financial Services Group Inc.’s holdings in HDFC Bank were worth $3,909,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Larson Financial Group LLC boosted its holdings in HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock valued at $29,000 after purchasing an additional 403 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its stake in HDFC Bank by 100.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock valued at $34,000 after purchasing an additional 498 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in HDFC Bank by 260.9% during the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock worth $34,000 after purchasing an additional 1,002 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in HDFC Bank during the third quarter worth approximately $43,000. Finally, BOCHK Asset Management Ltd lifted its position in shares of HDFC Bank by 125.0% during the 4th quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank’s stock worth $66,000 after buying an additional 1,000 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of HDFC Bank stock in a transaction on 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 directly owned 638,422 shares of the company’s stock, valued at $5,567,039.84. The trade was a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by insiders.

HDFC Bank Stock Down 0.0%

HDB opened at $23.22 on Tuesday. The firm has a market cap of $118.47 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.10 and a beta of 0.64. HDFC Bank Limited has a 52 week low of $22.66 and a 52 week high of $38.81. The business’s 50 day moving average is $24.80 and its two-hundred day moving average is $27.58.

HDFC Bank (NYSE:HDB) last posted its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.02. The business had revenue of $9.01 billion during the quarter, compared to the consensus estimate of $5 billion. HDFC Bank had a return on equity of 13.14% and a net margin of 15.96%. Equities analysts expect that HDFC Bank Limited will post 1.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HDB. Weiss Ratings upgraded shares of HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 20th. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Wall Street Zen cut shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, HDFC Bank presently has an average rating of “Hold”.

HDFC Bank Company Profile

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).