Principal Financial Group Inc. Sells 1,308,336 Shares of HDFC Bank Limited (NYSE:HDB)

Principal Financial Group Inc. trimmed its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 93.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,065 shares of the bank’s stock after selling 1,308,336 shares during the quarter. Principal Financial Group Inc.’s holdings in HDFC Bank were worth $5,433,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Breakout Capital Partners LP purchased a new position in shares of HDFC Bank in the 4th quarter worth approximately $18,894,000. CIBC Private Wealth Group LLC grew its holdings in HDFC Bank by 2.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 929,921 shares of the bank’s stock worth $62,407,000 after purchasing an additional 21,265 shares during the last quarter. Wellington Management Group LLP grew its holdings in HDFC Bank by 51.6% in the third quarter. Wellington Management Group LLP now owns 2,457,211 shares of the bank’s stock worth $145,000,000 after purchasing an additional 836,449 shares during the last quarter. Northern Trust Corp increased its position in shares of HDFC Bank by 13.1% during the third quarter. Northern Trust Corp now owns 385,864 shares of the bank’s stock worth $22,770,000 after purchasing an additional 44,648 shares in the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of HDFC Bank by 17.7% during the 4th quarter. Truist Financial Corp now owns 39,606 shares of the bank’s stock valued at $2,658,000 after purchasing an additional 5,953 shares during the last quarter. Institutional investors own 17.61% of the company’s stock.

HDFC Bank Stock Performance

HDFC Bank stock traded down $4.98 during mid-day trading on Friday, reaching $61.66. 1,982,079 shares of the company traded hands, compared to its average volume of 3,215,087. The firm’s fifty day moving average is $59.49 and its two-hundred day moving average is $58.63. The company has a market capitalization of $114.68 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 1.25 and a beta of 0.93. HDFC Bank Limited has a fifty-two week low of $52.16 and a fifty-two week high of $71.39. The company has a debt-to-equity ratio of 1.78, a current ratio of 0.40 and a quick ratio of 0.52.

HDFC Bank (NYSE:HDB) last released its earnings results on Saturday, April 20th. The bank reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.13. HDFC Bank had a return on equity of 15.45% and a net margin of 15.71%. The firm had revenue of $9.72 billion for the quarter. On average, equities research analysts expect that HDFC Bank Limited will post 3.1 earnings per share for the current fiscal year.

HDFC Bank Increases Dividend

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

Analysts Set New Price Targets

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

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.