Meitav Investment House Ltd. Acquires 575,000 Shares of HDFC Bank Limited $HDB

Meitav Investment House Ltd. increased its holdings in HDFC Bank Limited (NYSE:HDB) by 100.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,150,000 shares of the bank’s stock after acquiring an additional 575,000 shares during the quarter. Meitav Investment House Ltd.’s holdings in HDFC Bank were worth $39,177,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. lifted its position in shares of HDFC Bank by 150.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 11,601,628 shares of the bank’s stock worth $396,312,000 after purchasing an additional 6,963,646 shares during the period. PineStone Asset Management Inc. lifted its position in HDFC Bank by 100.4% during the third quarter. PineStone Asset Management Inc. now owns 8,163,734 shares of the bank’s stock valued at $278,873,000 after buying an additional 4,089,267 shares during the period. Trinity Street Asset Management LLP boosted its holdings in shares of HDFC Bank by 88.0% during the 3rd quarter. Trinity Street Asset Management LLP now owns 6,133,600 shares of the bank’s stock valued at $209,524,000 after buying an additional 2,870,400 shares in the last quarter. Northcape Capital Pty Ltd grew its position in shares of HDFC Bank by 86.9% in the 3rd quarter. Northcape Capital Pty Ltd now owns 5,263,443 shares of the bank’s stock worth $179,799,000 after buying an additional 2,447,948 shares during the period. Finally, Hardman Johnston Global Advisors LLC increased its stake in shares of HDFC Bank by 120.0% in the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 4,269,682 shares of the bank’s stock worth $145,852,000 after acquiring an additional 2,329,058 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, HDFC Bank presently has an average rating of “Moderate Buy”.

HDFC Bank Stock Performance

HDB opened at $32.66 on Friday. The company’s 50-day simple moving average is $35.57 and its two-hundred day simple moving average is $36.19. The stock has a market capitalization of $166.60 billion, a P/E ratio of 19.85, a P/E/G ratio of 1.32 and a beta of 0.57. HDFC Bank Limited has a 52-week low of $29.01 and a 52-week high of $39.81.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Saturday, October 18th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.08. HDFC Bank had a net margin of 14.94% and a return on equity of 11.49%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $4.98 billion. Research analysts forecast that HDFC Bank Limited will post 3.03 EPS for the current fiscal 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).