HDFC Bank Limited (NYSE:HDB) Shares Sold by PineStone Asset Management Inc.

PineStone Asset Management Inc. reduced its position in HDFC Bank Limited (NYSE:HDB - Free Report) by 33.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,954,649 shares of the bank's stock after selling 1,514,311 shares during the quarter. HDFC Bank comprises about 1.8% of PineStone Asset Management Inc.'s investment portfolio, making the stock its 22nd biggest position. PineStone Asset Management Inc. owned 0.16% of HDFC Bank worth $184,843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HDB. US Bancorp DE lifted its stake in shares of HDFC Bank by 38.1% in the 3rd quarter. US Bancorp DE now owns 139,865 shares of the bank's stock valued at $8,750,000 after purchasing an additional 38,571 shares in the last quarter. JFS Wealth Advisors LLC raised its holdings in HDFC Bank by 70.2% in the third quarter. JFS Wealth Advisors LLC now owns 667 shares of the bank's stock valued at $42,000 after buying an additional 275 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of HDFC Bank by 2.5% in the third quarter. First Trust Direct Indexing L.P. now owns 25,761 shares of the bank's stock worth $1,612,000 after acquiring an additional 632 shares in the last quarter. abrdn plc raised its stake in shares of HDFC Bank by 0.5% in the 3rd quarter. abrdn plc now owns 298,627 shares of the bank's stock valued at $18,682,000 after acquiring an additional 1,577 shares during the period. Finally, Canoe Financial LP lifted its holdings in shares of HDFC Bank by 3.2% during the 3rd quarter. Canoe Financial LP now owns 288,398 shares of the bank's stock valued at $18,558,000 after acquiring an additional 9,000 shares in the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

HDFC Bank Stock Up 0.3 %

Shares of NYSE HDB traded up $0.17 during trading on Friday, reaching $63.20. 1,261,135 shares of the stock were exchanged, compared to its average volume of 3,028,980. The company has a market capitalization of $160.04 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 1.68 and a beta of 0.92. The business's 50-day moving average price is $62.41 and its 200 day moving average price is $60.56. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.34. HDFC Bank Limited has a twelve month low of $52.16 and a twelve month high of $67.44.

Analyst Upgrades and Downgrades

HDB has been the topic of several research reports. JPMorgan Chase & Co. lowered HDFC Bank from an "overweight" rating to a "neutral" rating in a research report on Monday, July 22nd. StockNews.com downgraded HDFC Bank from a "hold" rating to a "sell" rating in a report on Saturday, October 12th.

HDFC Bank Company 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.