Mirae Asset Global Investments Co. Ltd. Purchases 281,524 Shares of HDFC Bank Limited $HDB

Mirae Asset Global Investments Co. Ltd. purchased a new stake in HDFC Bank Limited (NYSE:HDB) in the 3rd quarter, HoldingsChannel reports. The fund purchased 281,524 shares of the bank’s stock, valued at approximately $6,289,000.

Other hedge funds also recently added to or reduced their stakes in the company. Axiom Investment Management LLC purchased a new position in HDFC Bank in the 1st quarter worth approximately $32,000. Integrated Wealth Concepts LLC acquired a new stake in HDFC Bank in the second quarter valued at approximately $66,000. 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 valued at $85,000 after purchasing an additional 952 shares during the period. TD Waterhouse Canada Inc. raised its stake in shares of HDFC Bank by 215.5% during the second quarter. TD Waterhouse Canada Inc. now owns 3,868 shares of the bank’s stock valued at $99,000 after purchasing an additional 2,642 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in shares of HDFC Bank during the first quarter valued at approximately $102,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

HDFC Bank Trading Up 1.5%

Shares of NYSE HDB opened at $24.69 on Friday. The company has a market capitalization of $126.71 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.34 and a beta of 0.64. HDFC Bank Limited has a twelve month low of $21.36 and a twelve month high of $37.35. The business has a 50 day simple moving average of $22.71 and a 200-day simple moving average of $25.70.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings data on Saturday, October 17th. The bank reported $0.42 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.95 billion. As a group, equities analysts predict that HDFC Bank Limited will post 1.65 earnings per share for the current year.

HDFC Bank 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.