HDFC Bank (NYSE:HDB) Sets New 12-Month Low – Time to Sell?

HDFC Bank Limited (NYSE:HDB)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $23.82 and last traded at $24.0530, with a volume of 524632 shares traded. The stock had previously closed at $24.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of HDFC Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 23rd. Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 6th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

HDFC Bank Price Performance

The firm’s fifty day simple moving average is $26.45 and its 200 day simple moving average is $31.81. The company has a market capitalization of $126.57 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.11 and a beta of 0.68.

Insider Activity

In related news, insider N Srinivasan sold 10,000 shares of HDFC Bank 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 completion of the transaction, the insider directly owned 638,422 shares in the company, valued at approximately $5,567,039.84. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ashish Parthasarthy sold 5,600 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total value of $48,720.00. Following the completion of the transaction, the insider directly owned 842,958 shares of the company’s stock, valued at $7,333,734.60. The trade was a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 31,600 shares of company stock worth $271,660. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its position in shares of HDFC Bank by 90.4% during the 3rd quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock valued at $29,000 after acquiring an additional 403 shares during the period. Clearstead Advisors LLC increased its stake in shares of HDFC Bank by 476.8% in the 3rd quarter. Clearstead Advisors LLC now owns 894 shares of the bank’s stock valued at $31,000 after purchasing an additional 739 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in HDFC Bank by 54.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 913 shares of the bank’s stock worth $31,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC boosted its position in HDFC Bank by 100.0% during the third quarter. Accent Capital Management LLC now owns 918 shares of the bank’s stock worth $31,000 after purchasing an additional 459 shares in the last quarter. Finally, Cary Street Partners Financial LLC purchased a new position in HDFC Bank during the second quarter worth approximately $75,000. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Company Profile

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).