HDFC Bank Limited (NYSE:HDB) Short Interest Down 34.1% in June

HDFC Bank Limited (NYSE:HDB) was the recipient of a large decline in short interest in June. As of June 15th, there was short interest totaling 14,804,288 shares, a decline of 34.1% from the May 31st total of 22,476,417 shares. Based on an average daily trading volume, of 10,962,929 shares, the days-to-cover ratio is presently 1.4 days. Currently, 0.3% of the company’s stock are sold short.

HDFC Bank Stock Performance

Shares of NYSE HDB traded down $0.01 during midday trading on Friday, hitting $25.75. The company’s stock had a trading volume of 5,609,891 shares, compared to its average volume of 9,144,213. HDFC Bank has a 1-year low of $22.91 and a 1-year high of $39.81. The firm’s fifty day moving average price is $24.71 and its 200-day moving average price is $28.84. The firm has a market cap of $131.39 billion, a P/E ratio of 15.42, a P/E/G ratio of 1.18 and a beta of 0.64.

Insider Transactions at HDFC Bank

In other HDFC Bank news, insider Ashish Parthasarthy sold 6,000 shares of the company’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 completion of the transaction, the insider directly owned 848,558 shares of the company’s stock, valued at $7,586,108.52. This represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider N Srinivasan sold 10,000 shares of HDFC Bank 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 sale, the insider directly owned 638,422 shares in the company, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 21,600 shares of company stock valued at $189,560. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of HDFC Bank

Several hedge funds have recently made changes to their positions in HDB. Larson Financial Group LLC increased its position in HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock worth $29,000 after buying an additional 403 shares during the period. Axiom Investment Management LLC bought a new stake in HDFC Bank in the 1st quarter valued at about $32,000. Bell Investment Advisors Inc boosted its stake in HDFC Bank by 260.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,002 shares during the period. Pin Oak Investment Advisors Inc. grew its position in HDFC Bank by 100.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after purchasing an additional 498 shares during the last quarter. Finally, Graney & King LLC raised its holdings in shares of HDFC Bank by 100.0% during the third quarter. Graney & King LLC now owns 1,200 shares of the bank’s stock valued at $41,000 after buying an additional 600 shares during the last quarter. Institutional investors own 17.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HDB. Zacks Research downgraded shares of HDFC Bank from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Two analysts have rated the stock with a Sell rating, According to MarketBeat.com, HDFC Bank has an average rating of “Sell”.

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).