Matthews International Capital Management LLC Trims Holdings in HDFC Bank Limited $HDB

Matthews International Capital Management LLC lowered its position in shares of HDFC Bank Limited (NYSE:HDB) by 16.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 286,651 shares of the bank’s stock after selling 57,265 shares during the quarter. HDFC Bank accounts for about 2.9% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 15th largest position. Matthews International Capital Management LLC’s holdings in HDFC Bank were worth $7,132,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC raised 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 purchasing an additional 403 shares during the period. 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 period. Pin Oak Investment Advisors Inc. increased its stake 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 buying an additional 498 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in HDFC Bank in the 3rd quarter worth $43,000. Finally, BOCHK Asset Management Ltd raised its holdings in HDFC Bank by 125.0% during the fourth quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,000 shares during the period. 17.61% of the stock is currently owned by institutional investors.

HDFC Bank Stock Performance

HDB opened at $26.52 on Monday. The stock has a market capitalization of $135.31 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.23 and a beta of 0.64. The company has a fifty day moving average of $24.83 and a 200 day moving average of $28.46. HDFC Bank Limited has a fifty-two week low of $22.91 and a fifty-two week high of $39.81.

Wall Street Analysts Forecast Growth

HDB has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Zacks Research downgraded HDFC Bank from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 18th. Two analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Insider Transactions at HDFC Bank

In related news, insider N Srinivasan sold 10,000 shares of the business’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ashish Parthasarthy sold 6,000 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 21,600 shares of company stock valued at $189,560. Company insiders own 1.00% of the company’s stock.

HDFC Bank 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).