PineStone Asset Management Inc. Sells 1,514,311 Shares of HDFC Bank Limited (NYSE:HDB)

PineStone Asset Management Inc. trimmed its position in shares of HDFC Bank Limited (NYSE:HDB) by 33.9% in the 3rd quarter, according to the company in its most recent Form 13F 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 period. HDFC Bank accounts for approximately 1.8% of PineStone Asset Management Inc.’s portfolio, making the stock its 22nd largest holding. 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 large investors have also bought and sold shares of HDB. US Bancorp DE grew its stake in shares of HDFC Bank by 38.1% during the 3rd quarter. US Bancorp DE now owns 139,865 shares of the bank’s stock worth $8,750,000 after acquiring an additional 38,571 shares during the period. JFS Wealth Advisors LLC boosted its position in HDFC Bank by 70.2% during the third quarter. JFS Wealth Advisors LLC now owns 667 shares of the bank’s stock worth $42,000 after purchasing an additional 275 shares during the period. First Trust Direct Indexing L.P. increased its stake 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 purchasing an additional 632 shares in the last quarter. abrdn plc raised its position in shares of HDFC Bank by 0.5% in the third quarter. abrdn plc now owns 298,627 shares of the bank’s stock valued at $18,682,000 after purchasing an additional 1,577 shares during the period. Finally, Canoe Financial LP lifted its position in shares of HDFC Bank by 3.2% during the third quarter. Canoe Financial LP now owns 288,398 shares of the bank’s stock worth $18,558,000 after acquiring an additional 9,000 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Stock Performance

Shares of HDB opened at $63.04 on Friday. HDFC Bank Limited has a 12-month low of $52.16 and a 12-month high of $67.44. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.34. The company has a market cap of $159.64 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 1.68 and a beta of 0.92. The stock has a 50-day moving average price of $62.41 and a 200-day moving average price of $60.56.

Analysts Set New Price Targets

Several research analysts have commented on HDB shares. StockNews.com downgraded HDFC Bank from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. JPMorgan Chase & Co. lowered shares of HDFC Bank from an “overweight” rating to a “neutral” rating in a research report on Monday, July 22nd.

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.