State of New Jersey Common Pension Fund D reduced its stake in HDFC Bank Limited (NYSE:HDB) by 2.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 723,185 shares of the bank’s stock after selling 14,556 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.08% of HDFC Bank worth $83,824,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Ruggie Capital Group purchased a new stake in HDFC Bank during the 4th quarter worth approximately $25,000. Lindbrook Capital LLC purchased a new stake in HDFC Bank during the 4th quarter worth approximately $26,000. Enlightenment Research LLC purchased a new stake in HDFC Bank during the 4th quarter worth approximately $31,000. Moody National Bank Trust Division purchased a new stake in HDFC Bank during the 4th quarter worth approximately $39,000. Finally, We Are One Seven LLC purchased a new stake in HDFC Bank during the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.
HDB traded down $0.74 during trading hours on Wednesday, hitting $123.28. 594,693 shares of the company’s stock were exchanged, compared to its average volume of 683,269. HDFC Bank Limited has a 12-month low of $85.43 and a 12-month high of $124.55. The company has a market cap of $105.59 billion, a P/E ratio of 39.64, a PEG ratio of 1.17 and a beta of 0.57.
Separately, Zacks Investment Research raised shares of HDFC Bank from a “hold” rating to a “strong-buy” rating and set a $133.00 target price on the stock in a research note on Wednesday, April 17th.
About HDFC Bank
HDFC Bank Limited provides a range of banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. The company operates in Treasury, Retail Banking, Wholesale Banking, and Other Banking Business segments. It accepts savings accounts, salary accounts, current accounts, fixed and recurring deposits, demat accounts, safe deposit lockers, and rural accounts, as well as offshore accounts and deposits.
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