Sompo Asset Management Co. Ltd. Decreases Position in HDFC Bank Limited (NYSE:HDB)

Sompo Asset Management Co. Ltd. cut its position in HDFC Bank Limited (NYSE:HDB) by 5.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,810 shares of the bank’s stock after selling 200 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in HDFC Bank were worth $245,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its holdings in HDFC Bank by 234.1% during the fourth quarter. Royal London Asset Management Ltd. now owns 6,690,063 shares of the bank’s stock valued at $448,970,000 after buying an additional 4,687,487 shares during the last quarter. Capital World Investors increased its holdings in HDFC Bank by 208.6% during the first quarter. Capital World Investors now owns 4,124,751 shares of the bank’s stock valued at $230,862,000 after buying an additional 2,788,197 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of HDFC Bank in the second quarter worth approximately $166,709,000. PineStone Asset Management Inc. boosted its position in shares of HDFC Bank by 115.1% in the second 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. Finally, Harding Loevner LP boosted its position 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. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Price Performance

Shares of NYSE:HDB opened at $65.73 on Friday. 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 firm has a fifty day moving average price of $60.79 and a 200 day moving average price of $59.31. HDFC Bank Limited has a fifty-two week low of $52.16 and a fifty-two week high of $67.44. The firm has a market cap of $122.25 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.63 and a beta of 0.92.

HDFC Bank (NYSE:HDB) last issued its earnings results on Monday, July 22nd. The bank reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.27. HDFC Bank had a net margin of 14.69% and a return on equity of 12.64%. The firm had revenue of $14.03 billion during the quarter, compared to analyst estimates of $4.81 billion. As a group, sell-side analysts expect that HDFC Bank Limited will post 2.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. lowered shares of HDFC Bank from an “overweight” rating to a “neutral” rating in a research report on Monday, July 22nd. StockNews.com lowered shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th.

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.