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

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

Wall Street Analyst Weigh In

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

HDFC Bank Stock Down 1.3%

The firm has a market cap of $117.93 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.08 and a beta of 0.65. The business’s 50-day simple moving average is $25.11 and its two-hundred day simple moving average is $30.35.

Insider Buying and Selling

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

Hedge Funds Weigh In On HDFC Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its stake in shares of HDFC Bank by 90.4% during the third quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock worth $29,000 after purchasing an additional 403 shares in the last quarter. Accent Capital Management LLC lifted its stake in HDFC Bank by 100.0% in the 3rd quarter. Accent Capital Management LLC now owns 918 shares of the bank’s stock valued at $31,000 after buying an additional 459 shares in the last quarter. Clearstead Advisors LLC lifted its stake in 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 buying an additional 739 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in HDFC Bank in the 1st quarter worth about $32,000. Finally, Bell Investment Advisors Inc boosted its holdings in HDFC Bank by 260.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock worth $34,000 after buying an additional 1,002 shares during the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

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).