Royal Bank of Canada Boosts Stake in HDFC Bank Limited $HDB

Royal Bank of Canada grew its position in HDFC Bank Limited (NYSE:HDB) by 6.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,418,483 shares of the bank’s stock after buying an additional 2,520,716 shares during the quarter. Royal Bank of Canada owned 0.83% of HDFC Bank worth $1,055,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of HDB. Elliott Investment Management L.P. boosted its stake in shares of HDFC Bank by 267.7% in the first quarter. Elliott Investment Management L.P. now owns 797,085 shares of the bank’s stock valued at $19,831,000 after purchasing an additional 580,329 shares during the period. SummitTX Capital L.P. acquired a new stake in HDFC Bank during the 1st quarter worth approximately $1,417,000. OMERS ADMINISTRATION Corp lifted its holdings in HDFC Bank by 114.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 3,167,310 shares of the bank’s stock worth $78,803,000 after buying an additional 1,693,274 shares in the last quarter. Sustainable Insight Capital Management LLC boosted its position in HDFC Bank by 46.1% in the 1st quarter. Sustainable Insight Capital Management LLC now owns 20,598 shares of the bank’s stock valued at $512,000 after buying an additional 6,500 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of HDFC Bank in the first quarter worth $3,217,000. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of HDFC Bank stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $8.72, for a total transaction of $87,200.00. Following the sale, the insider owned 638,422 shares in the company, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company’s stock.

HDFC Bank Stock Up 1.7%

HDB stock opened at $23.61 on Wednesday. The business has a 50 day moving average price of $24.79 and a 200 day moving average price of $27.52. The stock has a market cap of $120.42 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.10 and a beta of 0.64. HDFC Bank Limited has a fifty-two week low of $22.66 and a fifty-two week high of $38.81.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, beating the consensus estimate of $0.38 by $0.02. The company had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 13.14%. As a group, sell-side analysts anticipate that HDFC Bank Limited will post 1.67 EPS for the current year.

HDFC Bank 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).