Coronation Fund Managers Ltd. Sells 257,356 Shares of HDFC Bank Limited (NYSE:HDB)

Coronation Fund Managers Ltd. decreased its stake in shares of HDFC Bank Limited (NYSE:HDB) by 54.7% during the second quarter, HoldingsChannel.com reports. The firm owned 213,060 shares of the bank’s stock after selling 257,356 shares during the period. Coronation Fund Managers Ltd.’s holdings in HDFC Bank were worth $13,706,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in HDB. Capital World Investors boosted its position in shares of HDFC Bank by 208.6% in the first quarter. Capital World Investors now owns 4,124,751 shares of the bank’s stock valued at $230,862,000 after acquiring an additional 2,788,197 shares during the period. Manning & Napier Advisors LLC bought a new position in HDFC Bank in the 2nd quarter valued at $166,709,000. PineStone Asset Management Inc. grew its position in shares of HDFC Bank by 115.1% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,468,960 shares of the bank’s stock valued at $287,488,000 after purchasing an additional 2,391,343 shares in the last quarter. Harding Loevner LP increased its holdings in shares of HDFC Bank by 31.7% in the fourth quarter. Harding Loevner LP now owns 9,456,666 shares of the bank’s stock worth $621,646,000 after purchasing an additional 2,276,203 shares during the period. Finally, CCLA Investment Management raised its position in shares of HDFC Bank by 100,691.5% in the first quarter. CCLA Investment Management now owns 1,748,733 shares of the bank’s stock worth $97,534,000 after buying an additional 1,746,998 shares in the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

Wall Street Analyst Weigh In

HDB has been the subject of several recent analyst reports. StockNews.com cut HDFC Bank from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. cut shares of HDFC Bank from an “overweight” rating to a “neutral” rating in a research report on Monday, July 22nd.

HDFC Bank Stock Performance

HDFC Bank stock opened at $62.40 on Wednesday. HDFC Bank Limited has a fifty-two week low of $52.16 and a fifty-two week high of $67.44. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $116.06 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 1.76 and a beta of 0.92. The firm’s fifty day moving average price is $61.41 and its 200-day moving average price is $59.77.

HDFC Bank (NYSE:HDB) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.27. HDFC Bank had a return on equity of 12.64% and a net margin of 14.69%. The business had revenue of $14.03 billion for the quarter, compared to the consensus estimate of $4.81 billion. On average, equities research analysts expect that HDFC Bank Limited will post 2.97 earnings per share for the current fiscal year.

HDFC Bank Profile

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.