Sumitomo Mitsui Trust Group Inc. Sells 249,173 Shares of HDFC Bank Limited $HDB

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of HDFC Bank Limited (NYSE:HDB) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,528,622 shares of the bank’s stock after selling 249,173 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in HDFC Bank were worth $56,489,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Prime Capital Investment Advisors LLC boosted its stake in HDFC Bank by 1.7% during the third quarter. Prime Capital Investment Advisors LLC now owns 38,747 shares of the bank’s stock valued at $866,000 after buying an additional 630 shares during the period. Summitry LLC grew its position in HDFC Bank by 4.1% during the first quarter. Summitry LLC now owns 21,195 shares of the bank’s stock valued at $527,000 after acquiring an additional 842 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its stake in shares of HDFC Bank by 33.3% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,807 shares of the bank’s stock worth $85,000 after acquiring an additional 952 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of HDFC Bank by 0.5% during the third quarter. Vontobel Holding Ltd. now owns 232,512 shares of the bank’s stock worth $5,194,000 after acquiring an additional 1,088 shares in the last quarter. Finally, InTrack Investment Management Inc raised its stake in shares of HDFC Bank by 5.1% during the second quarter. InTrack Investment Management Inc now owns 25,172 shares of the bank’s stock worth $650,000 after acquiring an additional 1,211 shares in the last quarter. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Stock Up 1.4%

NYSE:HDB opened at $23.02 on Wednesday. The company has a fifty day moving average of $22.67 and a 200 day moving average of $25.78. HDFC Bank Limited has a 52 week low of $21.36 and a 52 week high of $37.35. The firm has a market capitalization of $118.14 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.25 and a beta of 0.64.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. The business had revenue of $8.20 billion for the quarter, compared to analyst estimates of $4.95 billion. As a group, analysts anticipate that HDFC Bank Limited will post 1.65 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on HDB shares. The Goldman Sachs Group began coverage on shares of HDFC Bank in a report on Friday, August 21st. They issued a “buy” rating for the company. Weiss Ratings lowered shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 25th. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. HSBC downgraded shares of HDFC Bank from a “buy” rating to a “hold” rating and lowered their price target for the stock from $30.80 to $26.10 in a research note on Monday, August 31st. Finally, Wall Street Zen raised shares of HDFC Bank from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.10.

HDFC Bank Company Profile

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.