Legacy Wealth Asset Management LLC Increases Stake in HDFC Bank Limited $HDB

Legacy Wealth Asset Management LLC boosted its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 39.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,349 shares of the bank’s stock after buying an additional 31,778 shares during the quarter. HDFC Bank accounts for 0.6% of Legacy Wealth Asset Management LLC’s investment portfolio, making the stock its 24th largest position. Legacy Wealth Asset Management LLC’s holdings in HDFC Bank were worth $2,876,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Elliott Investment Management L.P. boosted its holdings in 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. KBC Group NV increased its holdings in HDFC Bank by 26.9% during the 1st quarter. KBC Group NV now owns 404,884 shares of the bank’s stock worth $10,074,000 after purchasing an additional 85,882 shares during the period. M&T Bank Corp raised its position in HDFC Bank by 788.3% in the 4th quarter. M&T Bank Corp now owns 115,126 shares of the bank’s stock valued at $4,206,000 after purchasing an additional 102,166 shares in the last quarter. ABN Amro Investment Solutions raised its position in HDFC Bank by 66.0% in the 1st quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank’s stock valued at $37,294,000 after purchasing an additional 595,912 shares in the last quarter. Finally, Matthews International Capital Management LLC boosted its stake in shares of HDFC Bank by 58.3% in the 4th quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank’s stock valued at $12,567,000 after buying an additional 126,650 shares during the period. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Price Performance

HDFC Bank stock opened at $23.60 on Monday. HDFC Bank Limited has a 1-year low of $22.66 and a 1-year high of $38.01. The stock has a market cap of $120.41 billion, a PE ratio of 13.88, a P/E/G ratio of 1.11 and a beta of 0.65. The stock’s fifty day moving average is $24.72 and its two-hundred day moving average is $27.01.

HDFC Bank (NYSE:HDB) last released its quarterly earnings data on Saturday, July 18th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. HDFC Bank had a return on equity of 11.84% and a net margin of 15.96%.The business had revenue of $14.02 billion during the quarter, compared to analysts’ expectations of $5 billion. On average, research analysts expect that HDFC Bank Limited will post 1.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

About HDFC Bank

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).