HDFC Bank (NYSE:HDB) Sets New 1-Year Low – What’s Next?

HDFC Bank Limited (NYSE:HDB) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $23.69 and last traded at $23.7350, with a volume of 6382167 shares traded. The stock had previously closed at $24.80.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 6th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, HDFC Bank presently has an average rating of “Reduce”.

HDFC Bank Stock Performance

The company has a market cap of $121.20 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.15 and a beta of 0.68. The stock’s fifty day moving average price is $25.57 and its two-hundred day moving average price is $31.06.

Insider Buying and Selling at HDFC Bank

In other HDFC Bank news, insider Ashish Parthasarthy sold 6,000 shares of HDFC Bank stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $8.94, for a total value of $53,640.00. Following the transaction, the insider owned 848,558 shares in the company, valued at $7,586,108.52. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider N Srinivasan sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $8.72, for a total value of $87,200.00. Following the transaction, the insider directly owned 638,422 shares of the company’s stock, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 31,600 shares of company stock worth $271,660. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On HDFC Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its stake in shares of HDFC Bank by 8.6% during the first quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank’s stock worth $776,000 after buying an additional 922 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of HDFC Bank by 1.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank’s stock valued at $58,723,000 after acquiring an additional 13,435 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of HDFC Bank by 24.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank’s stock valued at $601,000 after acquiring an additional 1,541 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in HDFC Bank by 464.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank’s stock worth $114,000 after acquiring an additional 1,221 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in HDFC Bank by 29.3% in the 2nd quarter. First Trust Advisors LP now owns 51,551 shares of the bank’s stock worth $3,952,000 after purchasing an additional 11,689 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

About HDFC Bank

HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).