Short Interest in HDFC Bank Limited (NYSE:HDB) Decreases By 10.1%

HDFC Bank Limited (NYSE:HDB) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 17,360,000 shares, a drop of 10.1% from the November 15th total of 19,300,000 shares. Based on an average daily trading volume, of 2,740,000 shares, the days-to-cover ratio is presently 6.3 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded HDFC Bank from a “hold” rating to a “sell” rating in a report on Wednesday, November 27th.

HDFC Bank Stock Performance

Shares of NYSE HDB traded down $1.17 during midday trading on Tuesday, reaching $65.52. The company had a trading volume of 3,090,158 shares, compared to its average volume of 3,005,570. The business’s 50-day simple moving average is $64.29 and its 200 day simple moving average is $62.46. HDFC Bank has a 1 year low of $52.16 and a 1 year high of $68.50. 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 stock has a market cap of $165.92 billion, a P/E ratio of 19.91, a P/E/G ratio of 1.79 and a beta of 0.92.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, October 19th. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.09. The company had revenue of $9.21 billion for the quarter, compared to analysts’ expectations of $4.84 billion. HDFC Bank had a net margin of 14.48% and a return on equity of 12.49%. On average, analysts forecast that HDFC Bank will post 3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Franklin Resources Inc. grew its stake in shares of HDFC Bank by 9.0% in the third quarter. Franklin Resources Inc. now owns 6,803,828 shares of the bank’s stock valued at $420,477,000 after buying an additional 560,880 shares in the last quarter. Peapack Gladstone Financial Corp bought a new stake in shares of HDFC Bank in the 3rd quarter worth approximately $353,000. Synovus Financial Corp grew its position in HDFC Bank by 0.8% in the 3rd quarter. Synovus Financial Corp now owns 89,591 shares of the bank’s stock worth $5,605,000 after purchasing an additional 711 shares during the last quarter. Sanctuary Advisors LLC raised its stake in HDFC Bank by 9.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,557 shares of the bank’s stock valued at $1,971,000 after acquiring an additional 2,536 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in HDFC Bank in the third quarter worth about $985,000. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Company 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.