Manning & Napier Advisors LLC Acquires 1,741,669 Shares of HDFC Bank Limited $HDB

Manning & Napier Advisors LLC increased its stake in shares of HDFC Bank Limited (NYSE:HDB) by 100.9% in the third quarter, Holdings Channel.com reports. The fund owned 3,467,459 shares of the bank’s stock after purchasing an additional 1,741,669 shares during the period. HDFC Bank comprises about 1.5% of Manning & Napier Advisors LLC’s holdings, making the stock its 25th biggest position. Manning & Napier Advisors LLC’s holdings in HDFC Bank were worth $118,448,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Central Pacific Bank Trust Division purchased a new stake in HDFC Bank in the 2nd quarter worth $29,000. Whipplewood Advisors LLC boosted its stake in HDFC Bank by 112.0% during the second quarter. Whipplewood Advisors LLC now owns 549 shares of the bank’s stock valued at $42,000 after buying an additional 290 shares during the last quarter. NewSquare Capital LLC grew its holdings in HDFC Bank by 136.4% during the 2nd quarter. NewSquare Capital LLC now owns 676 shares of the bank’s stock valued at $52,000 after buying an additional 390 shares in the last quarter. Assetmark Inc. increased its stake in HDFC Bank by 358.4% in the 2nd quarter. Assetmark Inc. now owns 706 shares of the bank’s stock worth $54,000 after acquiring an additional 552 shares during the last quarter. Finally, Cary Street Partners Financial LLC purchased a new stake in shares of HDFC Bank during the 2nd quarter worth approximately $75,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

HDB has been the subject of a number of research reports. Weiss Ratings downgraded HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. Zacks Research upgraded shares of HDFC Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Wall Street Zen downgraded shares of HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday, January 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

HDFC Bank Price Performance

HDFC Bank stock opened at $33.16 on Wednesday. The firm has a market capitalization of $169.19 billion, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 1.35 and a beta of 0.57. HDFC Bank Limited has a 1-year low of $29.01 and a 1-year high of $39.81. The company’s 50-day moving average is $35.76 and its 200 day moving average is $36.29.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, October 18th. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.08. HDFC Bank had a return on equity of 11.49% and a net margin of 14.94%.The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $4.98 billion. Research analysts anticipate that HDFC Bank Limited will post 3.03 earnings per share for the current fiscal year.

HDFC Bank 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).