Pitcairn Co. Buys 10,979 Shares of HDFC Bank Limited (NYSE:HDB)

Pitcairn Co. boosted its holdings in HDFC Bank Limited (NYSE:HDB) by 95.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,489 shares of the bank’s stock after purchasing an additional 10,979 shares during the quarter. Pitcairn Co.’s holdings in HDFC Bank were worth $1,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in HDB. Manning & Napier Advisors LLC bought a new position in HDFC Bank in the 2nd quarter worth approximately $166,709,000. PineStone Asset Management Inc. boosted its stake in HDFC Bank by 115.1% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,468,960 shares of the bank’s stock worth $287,488,000 after purchasing an additional 2,391,343 shares during the period. TPG GP A LLC bought a new position in HDFC Bank in the 2nd quarter worth approximately $95,637,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in HDFC Bank by 130.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,185,500 shares of the bank’s stock worth $140,593,000 after purchasing an additional 1,236,100 shares during the period. Finally, Eminence Capital LP bought a new position in HDFC Bank in the 2nd quarter worth approximately $68,340,000. 17.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research note on Friday, November 8th.

HDFC Bank Stock Up 1.4 %

Shares of HDB opened at $64.50 on Friday. The stock has a market capitalization of $163.33 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 1.69 and a beta of 0.91. HDFC Bank Limited has a 1 year low of $52.16 and a 1 year high of $67.44. The business’s 50 day simple moving average is $63.03 and its 200-day simple moving average is $61.17. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.53 and a quick ratio of 0.53.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings data on Saturday, October 19th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.09. The business had revenue of $9.21 billion for the quarter, compared to analysts’ expectations of $4.84 billion. HDFC Bank had a return on equity of 12.49% and a net margin of 14.48%. As a group, equities analysts expect that HDFC Bank Limited will post 3.15 earnings per share for the current fiscal year.

About HDFC Bank

HDFC Bank Limited provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in three segments: Wholesale Banking, Retail Banking, and Treasury Services. It accepts savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits.