Summit Global Investments Has $562,000 Holdings in HDFC Bank Limited (NYSE:HDB)

Summit Global Investments trimmed its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 54.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,989 shares of the bank's stock after selling 10,609 shares during the quarter. Summit Global Investments' holdings in HDFC Bank were worth $562,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HDB. Portside Wealth Group LLC increased its holdings in HDFC Bank by 24.6% during the third quarter. Portside Wealth Group LLC now owns 8,731 shares of the bank's stock worth $546,000 after buying an additional 1,721 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of HDFC Bank by 31.5% during the 3rd quarter. Principal Financial Group Inc. now owns 47,225 shares of the bank's stock worth $2,954,000 after purchasing an additional 11,319 shares during the last quarter. Marks Group Wealth Management Inc raised its holdings in shares of HDFC Bank by 62.8% in the 3rd quarter. Marks Group Wealth Management Inc now owns 21,597 shares of the bank's stock valued at $1,351,000 after purchasing an additional 8,335 shares during the period. PDS Planning Inc acquired a new stake in HDFC Bank in the 3rd quarter valued at about $569,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in HDFC Bank by 143.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,240,388 shares of the bank's stock worth $77,599,000 after purchasing an additional 731,388 shares during the period. Institutional investors and hedge funds own 17.61% of the company's stock.

HDFC Bank Stock Performance

HDB traded up $0.50 on Monday, reaching $64.59. The company had a trading volume of 704,583 shares, compared to its average volume of 2,985,800. The company's fifty day moving average is $62.73 and its 200 day moving average is $60.86. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $163.56 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.68 and a beta of 0.91. HDFC Bank Limited has a fifty-two week low of $52.16 and a fifty-two week high of $67.44.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered HDFC Bank from an "overweight" rating to a "neutral" rating in a research note on Monday, July 22nd. StockNews.com upgraded HDFC Bank from a "sell" rating to a "hold" rating in a research note on Friday.

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.