HDFC Bank Limited (NYSE:HDB) Sees Significant Increase in Short Interest

HDFC Bank Limited (NYSE:HDB) was the recipient of a large growth in short interest in May. As of May 15th, there was short interest totaling 19,902,328 shares, a growth of 72.2% from the April 30th total of 11,557,252 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily volume of 7,250,831 shares, the days-to-cover ratio is currently 2.7 days.

HDFC Bank Stock Performance

HDB stock opened at $23.55 on Wednesday. The stock has a market cap of $120.11 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.09 and a beta of 0.65. The firm has a 50 day simple moving average of $25.26 and a 200 day simple moving average of $30.71. HDFC Bank has a 52 week low of $23.31 and a 52 week high of $39.81.

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 transaction of $53,640.00. Following the completion of the sale, the insider directly owned 848,558 shares of the company’s stock, valued at approximately $7,586,108.52. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider N Srinivasan sold 10,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,600 shares of company stock worth $271,660 in the last three months. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of HDFC Bank

Several institutional investors have recently made changes to their positions in the stock. Axiom Investment Management LLC acquired a new stake in shares of HDFC Bank during the first quarter worth approximately $32,000. Summitry LLC boosted its holdings in shares of HDFC Bank by 4.1% during the first quarter. Summitry LLC now owns 21,195 shares of the bank’s stock worth $527,000 after purchasing an additional 842 shares during the period. Bank of America Corp DE boosted its holdings in shares of HDFC Bank by 40.7% during the first quarter. Bank of America Corp DE now owns 10,549,235 shares of the bank’s stock worth $262,465,000 after purchasing an additional 3,051,055 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of HDFC Bank by 34.6% during the first quarter. EverSource Wealth Advisors LLC now owns 13,386 shares of the bank’s stock worth $333,000 after purchasing an additional 3,438 shares during the period. Finally, Royal Bank of Canada boosted its holdings 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 worth $1,055,372,000 after purchasing an additional 2,520,716 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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).