Millennium Management LLC Acquires 438,750 Shares of HDFC Bank Limited (NYSE:HDB)

Millennium Management LLC boosted its holdings in HDFC Bank Limited (NYSE:HDB) by 18.1% in the second quarter, Holdings Channel reports. The firm owned 2,864,145 shares of the bank’s stock after purchasing an additional 438,750 shares during the quarter. Millennium Management LLC’s holdings in HDFC Bank were worth $184,250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HDB. Breakout Capital Partners LP bought a new position in shares of HDFC Bank in the 4th quarter valued at about $18,894,000. CIBC Private Wealth Group LLC boosted its position in HDFC Bank by 2.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 929,921 shares of the bank’s stock valued at $62,407,000 after purchasing an additional 21,265 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in HDFC Bank in the second quarter valued at approximately $166,709,000. Sei Investments Co. increased its position in shares of HDFC Bank by 0.8% during the 4th quarter. Sei Investments Co. now owns 1,661,176 shares of the bank’s stock worth $111,481,000 after purchasing an additional 13,610 shares during the last quarter. Finally, Alberta Investment Management Corp raised its stake in shares of HDFC Bank by 140.3% during the 4th quarter. Alberta Investment Management Corp now owns 657,660 shares of the bank’s stock worth $44,136,000 after purchasing an additional 383,939 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

HDFC Bank Price Performance

NYSE:HDB opened at $64.35 on Friday. HDFC Bank Limited has a 12-month low of $52.16 and a 12-month high of $67.44. The firm has a market capitalization of $119.69 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 1.76 and a beta of 0.92. The stock’s 50 day moving average price is $61.33 and its two-hundred day moving average price is $59.63. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 1.37.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.81 billion. On average, analysts anticipate that HDFC Bank Limited will post 2.97 earnings per share for the current 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.