Provenance Wealth Advisors LLC Purchases New Stake in HDFC Bank Limited $HDB

Provenance Wealth Advisors LLC purchased a new position in HDFC Bank Limited (NYSE:HDB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,338 shares of the bank’s stock, valued at approximately $566,000.

A number of other institutional investors have also added to or reduced their stakes in HDB. Elliott Investment Management L.P. grew its stake in HDFC Bank by 267.7% during the first quarter. Elliott Investment Management L.P. now owns 797,085 shares of the bank’s stock valued at $19,831,000 after acquiring an additional 580,329 shares in the last quarter. KBC Group NV increased its holdings in HDFC Bank by 26.9% in the 1st quarter. KBC Group NV now owns 404,884 shares of the bank’s stock valued at $10,074,000 after acquiring an additional 85,882 shares during the last quarter. ABN Amro Investment Solutions lifted its stake 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 worth $37,294,000 after purchasing an additional 595,912 shares in the last quarter. Raiffeisen Bank International AG lifted its stake in HDFC Bank by 999.2% in the 2nd quarter. Raiffeisen Bank International AG now owns 756,000 shares of the bank’s stock worth $19,588,000 after purchasing an additional 687,223 shares in the last quarter. Finally, XY Capital Ltd lifted its stake in HDFC Bank by 143.5% in the 2nd quarter. XY Capital Ltd now owns 517,975 shares of the bank’s stock worth $13,379,000 after purchasing an additional 305,215 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Stock Performance

HDB stock opened at $24.69 on Friday. The firm has a fifty day moving average price of $22.71 and a 200 day moving average price of $25.70. HDFC Bank Limited has a fifty-two week low of $21.36 and a fifty-two week high of $37.35. The firm has a market cap of $126.71 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.34 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 for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $4.95 billion. HDFC Bank had a net margin of 15.84% and a return on equity of 11.70%. On average, equities analysts predict that HDFC Bank Limited will post 1.65 EPS for the current year.

Wall Street Analysts Forecast Growth

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