Legacy Wealth Asset Management LLC Buys 6,857 Shares of HDFC Bank Limited (NYSE:HDB)

Legacy Wealth Asset Management LLC grew its stake in shares of HDFC Bank Limited (NYSE:HDB) by 24.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,003 shares of the bank’s stock after buying an additional 6,857 shares during the period. Legacy Wealth Asset Management LLC’s holdings in HDFC Bank were worth $1,959,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norden Group LLC bought a new stake in shares of HDFC Bank during the first quarter valued at about $511,000. Naviter Wealth LLC increased its position in shares of HDFC Bank by 68.7% in the first quarter. Naviter Wealth LLC now owns 33,202 shares of the bank’s stock worth $1,858,000 after purchasing an additional 13,517 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of HDFC Bank by 1.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,385,763 shares of the bank’s stock worth $133,531,000 after purchasing an additional 40,559 shares during the last quarter. Deltec Asset Management LLC raised its stake in shares of HDFC Bank by 13.8% during the first quarter. Deltec Asset Management LLC now owns 51,850 shares of the bank’s stock worth $2,902,000 after acquiring an additional 6,300 shares in the last quarter. Finally, D.B. Root & Company LLC bought a new stake in shares of HDFC Bank in the 1st quarter worth approximately $456,000. 17.61% of the stock is currently owned by institutional investors.

HDFC Bank Trading Down 0.5 %

HDB traded down $0.33 on Thursday, hitting $66.64. 2,314,936 shares of the company were exchanged, compared to its average volume of 2,827,470. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.52 and a current ratio of 0.40. The firm has a fifty day simple moving average of $59.33 and a two-hundred day simple moving average of $58.57. The stock has a market capitalization of $123.94 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.25 and a beta of 0.93. HDFC Bank Limited has a 12 month low of $52.16 and a 12 month high of $71.39.

HDFC Bank (NYSE:HDB) last released its quarterly earnings data on Saturday, April 20th. The bank reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.13. The firm had revenue of $9.72 billion during the quarter. HDFC Bank had a return on equity of 15.45% and a net margin of 15.71%. Sell-side analysts expect that HDFC Bank Limited will post 3.1 earnings per share for the current year.

HDFC Bank Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Wednesday, May 8th. Stockholders of record on Thursday, May 9th were paid a dividend of $0.7008 per share. This represents a dividend yield of 1%. The ex-dividend date of this dividend was Wednesday, May 8th. This is a positive change from HDFC Bank’s previous annual dividend of $0.59. HDFC Bank’s dividend payout ratio is 18.40%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of HDFC Bank from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th.

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.