Canoe Financial LP Increases Position in HDFC Bank Limited $HDB

Canoe Financial LP boosted its holdings in HDFC Bank Limited (NYSE:HDB) by 94.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 636,180 shares of the bank’s stock after purchasing an additional 309,790 shares during the period. Canoe Financial LP’s holdings in HDFC Bank were worth $21,732,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of HDB. Central Pacific Bank Trust Division acquired a new position in shares of HDFC Bank in the 2nd quarter valued at approximately $29,000. Roxbury Financial LLC bought a new stake in shares of HDFC Bank in the second quarter worth $30,000. Whipplewood Advisors LLC increased its stake in shares of HDFC Bank by 112.0% in the second quarter. Whipplewood Advisors LLC now owns 549 shares of the bank’s stock worth $42,000 after buying an additional 290 shares during the last quarter. NewSquare Capital LLC raised its holdings in HDFC Bank by 136.4% in the second quarter. NewSquare Capital LLC now owns 676 shares of the bank’s stock valued at $52,000 after acquiring an additional 390 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in HDFC Bank by 358.4% during the 2nd quarter. Assetmark Inc. now owns 706 shares of the bank’s stock valued at $54,000 after acquiring an additional 552 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on HDB. Wall Street Zen downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Friday, November 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of HDFC Bank in a research note on Monday. Finally, Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

HDFC Bank Trading Up 0.3%

NYSE:HDB opened at $36.40 on Friday. The stock has a 50 day moving average of $36.24 and a 200-day moving average of $36.57. The firm has a market capitalization of $185.69 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.64 and a beta of 0.58. HDFC Bank Limited has a 52 week low of $28.89 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.08. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $4.98 billion. HDFC Bank had a return on equity of 11.49% and a net margin of 14.94%. As a group, analysts predict that HDFC Bank Limited will post 3.03 EPS for the current fiscal year.

HDFC Bank Company 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).