HDFC Bank Limited $HDB Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System increased its position in HDFC Bank Limited (NYSE:HDB) by 100.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 448,600 shares of the bank’s stock after buying an additional 224,300 shares during the quarter. State of Michigan Retirement System’s holdings in HDFC Bank were worth $15,324,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Financial Perspectives Inc boosted its stake in HDFC Bank by 1.3% in the 2nd quarter. Financial Perspectives Inc now owns 10,769 shares of the bank’s stock worth $826,000 after purchasing an additional 136 shares during the period. Insigneo Advisory Services LLC grew its stake in HDFC Bank by 4.9% in the 2nd quarter. Insigneo Advisory Services LLC now owns 3,244 shares of the bank’s stock valued at $249,000 after buying an additional 152 shares during the last quarter. Huntington National Bank lifted its position in shares of HDFC Bank by 13.3% during the 2nd quarter. Huntington National Bank now owns 1,349 shares of the bank’s stock worth $103,000 after purchasing an additional 158 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of HDFC Bank by 1.3% during the second quarter. Nisa Investment Advisors LLC now owns 14,694 shares of the bank’s stock worth $1,127,000 after buying an additional 194 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its holdings in HDFC Bank by 1.5% in the 2nd quarter. Rehmann Capital Advisory Group now owns 15,022 shares of the bank’s stock valued at $1,152,000 after purchasing an additional 215 shares during the period. Institutional investors own 17.61% of the company’s stock.

HDFC Bank Stock Up 1.3%

Shares of HDFC Bank stock opened at $34.43 on Friday. The firm’s 50-day moving average price is $34.45 and its two-hundred day moving average price is $35.63. The company has a market capitalization of $175.64 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 1.40 and a beta of 0.57. HDFC Bank Limited has a 12-month low of $29.23 and a 12-month high of $39.81.

HDFC Bank (NYSE:HDB) last released its earnings results on Tuesday, January 20th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. The firm had revenue of $16.48 billion for the quarter, compared to analysts’ expectations of $5.12 billion. HDFC Bank had a return on equity of 11.49% and a net margin of 14.92%. On average, sell-side analysts expect that HDFC Bank Limited will post 3.03 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on HDB shares. Weiss Ratings upgraded shares of HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus 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).