Provenance Wealth Advisors LLC Makes New Investment in HDFC Bank Limited $HDB

Provenance Wealth Advisors LLC acquired a new position in HDFC Bank Limited (NYSE:HDB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 25,338 shares of the bank’s stock, valued at approximately $566,000.

A number of other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada lifted its position in HDFC Bank by 6.3% during the first quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank’s stock valued at $1,055,372,000 after purchasing an additional 2,520,716 shares in the last quarter. Principal Financial Group Inc. grew its holdings in HDFC Bank by 16,808.5% during the first quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank’s stock valued at $447,289,000 after purchasing an additional 17,871,520 shares during the period. Robeco Institutional Asset Management B.V. increased its position in HDFC Bank by 13.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 16,611,473 shares of the bank’s stock worth $371,100,000 after buying an additional 1,918,221 shares in the last quarter. Temasek Holdings Private Ltd increased its position in HDFC Bank by 15.5% in the first quarter. Temasek Holdings Private Ltd now owns 12,559,656 shares of the bank’s stock worth $312,484,000 after buying an additional 1,686,276 shares in the last quarter. Finally, Bank of America Corp DE increased its position in HDFC Bank by 40.7% in the first quarter. Bank of America Corp DE now owns 10,549,235 shares of the bank’s stock worth $262,465,000 after buying an additional 3,051,055 shares in the last quarter. 17.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on HDB. Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. The Goldman Sachs Group initiated coverage on HDFC Bank in a research note on Friday, August 21st. They set a “buy” rating for the company. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. HSBC lowered shares of HDFC Bank from a “buy” rating to a “hold” rating and reduced their target price for the stock from $30.80 to $26.10 in a report on Monday, August 31st. Finally, Weiss Ratings downgraded shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.10.

HDFC Bank Stock Performance

HDB opened at $24.69 on Friday. The stock has a market cap of $126.71 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.34 and a beta of 0.64. The firm’s fifty day moving average is $22.71 and its 200 day moving average is $25.70. HDFC Bank Limited has a fifty-two week low of $21.36 and a fifty-two week high of $37.35.

HDFC Bank (NYSE:HDB) last issued its quarterly earnings results on Saturday, October 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to analyst estimates of $4.95 billion. HDFC Bank had a return on equity of 11.70% and a net margin of 15.84%. On average, equities research analysts predict that HDFC Bank Limited will post 1.65 earnings per share for the current year.

HDFC Bank Company Profile

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, India. Established in 1994, the bank provides services to individuals, businesses, corporations and institutions through a broad network of physical branches, ATMs and digital banking channels.

Its principal offerings include savings and current accounts, deposits, personal and home loans, vehicle and consumer financing, business and commercial lending, credit and debit cards, payments, investment and wealth-management services, and foreign-exchange and treasury products.