HDFC Bank (NYSE:HDB) Sets New 12-Month Low – Here’s What Happened

HDFC Bank Limited (NYSE:HDB)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $23.69 and last traded at $23.7350, with a volume of 6382167 shares changing hands. The stock had previously closed at $24.80.

Analyst Ratings Changes

Separately, Weiss Ratings lowered 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

HDFC Bank Trading Up 1.1%

The stock has a 50 day simple moving average of $25.36 and a 200-day simple moving average of $30.89. The firm has a market capitalization of $122.00 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.10 and a beta of 0.68.

Insider Buying and Selling

In related news, insider Ashish Parthasarthy sold 6,000 shares of the business’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 transaction, the insider directly owned 848,558 shares of the company’s stock, valued at approximately $7,586,108.52. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider N Srinivasan sold 10,000 shares of the business’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 value 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 represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 31,600 shares of company stock worth $271,660. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HDB. PineStone Asset Management Inc. lifted its stake in shares of HDFC Bank by 1.9% during the 4th quarter. PineStone Asset Management Inc. now owns 8,315,726 shares of the bank’s stock worth $303,857,000 after purchasing an additional 151,992 shares during the last quarter. Jacobson & Schmitt Advisors LLC lifted its stake in shares of HDFC Bank by 97.7% during the 3rd quarter. Jacobson & Schmitt Advisors LLC now owns 383,137 shares of the bank’s stock worth $13,088,000 after purchasing an additional 189,303 shares during the last quarter. ABN Amro Investment Solutions lifted its stake in shares of HDFC Bank by 100.0% during the 3rd quarter. ABN Amro Investment Solutions now owns 209,050 shares of the bank’s stock worth $7,141,000 after purchasing an additional 104,525 shares during the last quarter. M&T Bank Corp raised its stake in HDFC Bank by 788.3% in the fourth quarter. M&T Bank Corp now owns 115,126 shares of the bank’s stock valued at $4,206,000 after buying an additional 102,166 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in HDFC Bank by 102.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 2,369,307 shares of the bank’s stock valued at $80,936,000 after buying an additional 1,199,084 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).