HDFC Bank (NYSE:HDB) Sets New 52-Week Low – Here’s What Happened

HDFC Bank Limited (NYSE:HDB) reached a new 52-week low on Monday . The stock traded as low as $23.23 and last traded at $23.2650, with a volume of 553534 shares changing hands. The stock had previously closed at $23.41.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of HDFC Bank in a research note on Wednesday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, HDFC Bank currently has an average rating of “Reduce”.

HDFC Bank Trading Down 1.3%

The firm has a fifty day moving average price of $25.11 and a 200 day moving average price of $30.35. The firm has a market cap of $117.93 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.08 and a beta of 0.65.

Insider Activity

In other HDFC Bank news, insider Ashish Parthasarthy sold 6,000 shares of the business’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total value of $53,640.00. Following the transaction, the insider directly owned 848,558 shares in the company, valued at $7,586,108.52. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider N Srinivasan sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $8.72, for a total transaction of $87,200.00. Following the sale, the insider owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This represents a 1.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,600 shares of company stock worth $271,660 over the last quarter. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of HDFC Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GQG Partners LLC raised its holdings in HDFC Bank by 1.5% in the 4th quarter. GQG Partners LLC now owns 52,962,709 shares of the bank’s stock valued at $1,935,258,000 after buying an additional 777,977 shares during the period. Royal Bank of Canada increased its position in shares of HDFC Bank by 6.3% during the first quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank’s stock valued at $1,055,372,000 after acquiring an additional 2,520,716 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of HDFC Bank by 4.1% in the 4th quarter. Schroder Investment Management Group now owns 26,264,726 shares of the bank’s stock valued at $959,713,000 after acquiring an additional 1,043,596 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of HDFC Bank by 6.8% in the 4th quarter. JPMorgan Chase & Co. now owns 20,504,634 shares of the bank’s stock worth $749,239,000 after acquiring an additional 1,299,851 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of HDFC Bank by 16,808.5% in the 1st quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank’s stock worth $447,289,000 after acquiring an additional 17,871,520 shares during the last quarter. 17.61% of the stock is 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).