Elliott Investment Management L.P. Buys 580,329 Shares of HDFC Bank Limited $HDB

Elliott Investment Management L.P. raised its stake in HDFC Bank Limited (NYSE:HDB) by 267.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 797,085 shares of the bank’s stock after buying an additional 580,329 shares during the quarter. HDFC Bank accounts for about 0.1% of Elliott Investment Management L.P.’s portfolio, making the stock its 19th largest position. Elliott Investment Management L.P.’s holdings in HDFC Bank were worth $19,831,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HDB. Larson Financial Group LLC raised its position in shares of HDFC Bank by 90.4% in the 3rd quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock valued at $29,000 after acquiring an additional 403 shares during the period. Pin Oak Investment Advisors Inc. grew its holdings in HDFC Bank by 100.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock valued at $34,000 after purchasing an additional 498 shares during the period. Bell Investment Advisors Inc increased its stake in HDFC Bank by 260.9% in the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,002 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in HDFC Bank in the third quarter valued at approximately $43,000. Finally, BOCHK Asset Management Ltd raised its holdings in HDFC Bank by 125.0% in the fourth quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank’s stock worth $66,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 17.61% of the company’s stock.

Insider Buying and Selling

In related news, insider N Srinivasan sold 10,000 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the sale, the insider directly owned 638,422 shares of the company’s stock, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on HDB shares. Weiss Ratings raised shares of HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 20th. Wall Street Zen downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. Finally, Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold”.

HDFC Bank Stock Performance

NYSE HDB opened at $23.22 on Tuesday. The business has a 50 day simple moving average of $24.80 and a 200 day simple moving average of $27.58. HDFC Bank Limited has a 52-week low of $22.66 and a 52-week high of $38.81. The stock has a market cap of $118.47 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.10 and a beta of 0.64.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, July 18th. The bank reported $0.40 EPS for the quarter, topping the consensus estimate of $0.38 by $0.02. The firm had revenue of $9.01 billion for the quarter, compared to the consensus estimate of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 13.14%. On average, analysts predict that HDFC Bank Limited will post 1.67 EPS for the current 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).