State of Michigan Retirement System Raises Position in HDFC Bank Limited $HDB

State of Michigan Retirement System increased its holdings in HDFC Bank Limited (NYSE:HDB) by 18.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 224,300 shares of the bank’s stock after acquiring an additional 34,300 shares during the quarter. State of Michigan Retirement System’s holdings in HDFC Bank were worth $17,197,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in HDB. Principal Financial Group Inc. raised its position in shares of HDFC Bank by 18.0% in the first quarter. Principal Financial Group Inc. now owns 57,425 shares of the bank’s stock worth $3,815,000 after buying an additional 8,746 shares in the last quarter. Calamos Advisors LLC increased its stake in HDFC Bank by 1.9% in the first quarter. Calamos Advisors LLC now owns 20,870 shares of the bank’s stock valued at $1,387,000 after acquiring an additional 385 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in HDFC Bank by 10.9% in the first quarter. OneDigital Investment Advisors LLC now owns 17,012 shares of the bank’s stock valued at $1,130,000 after acquiring an additional 1,666 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. increased its stake in HDFC Bank by 4.6% in the first quarter. Financiere des Professionnels Fonds d investissement inc. now owns 188,995 shares of the bank’s stock valued at $12,557,000 after acquiring an additional 8,348 shares during the last quarter. Finally, Ninety One North America Inc. increased its stake in HDFC Bank by 7.5% in the first quarter. Ninety One North America Inc. now owns 68,764 shares of the bank’s stock valued at $4,569,000 after acquiring an additional 4,788 shares during 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 topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of HDFC Bank in a research note on Wednesday, October 8th. Zacks Research raised HDFC Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Wall Street Zen raised HDFC Bank from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

HDFC Bank Trading Down 1.9%

Shares of NYSE:HDB opened at $36.19 on Monday. The stock’s 50-day moving average price is $35.45 and its 200-day moving average price is $36.72. HDFC Bank Limited has a 12-month low of $28.89 and a 12-month high of $39.81. The stock has a market capitalization of $184.60 billion, a P/E ratio of 22.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.63.

HDFC Bank (NYSE:HDB) last announced its quarterly earnings data on Saturday, October 18th. The bank reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.08. HDFC Bank had a return on equity of 11.49% and a net margin of 14.94%.The firm had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.98 billion. As a group, research analysts predict that HDFC Bank Limited will post 3.03 EPS for the current 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.