HDFC Bank (NYSE:HDB) Hits New 1-Year Low – What’s Next?

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on HDB shares. Weiss Ratings downgraded shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 6th. Wall Street Zen upgraded HDFC Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 23rd. 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, HDFC Bank presently has a consensus rating of “Reduce”.

HDFC Bank Price Performance

The stock has a market capitalization of $122.67 billion, a P/E ratio of 14.40, a price-to-earnings-growth ratio of 1.16 and a beta of 0.68. The company has a fifty day moving average of $26.76 and a two-hundred day moving average of $32.00.

Insider Buying and Selling

In other news, insider Ashish Parthasarthy sold 5,600 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $8.70, for a total transaction of $48,720.00. Following the sale, the insider directly owned 842,958 shares in the company, valued at approximately $7,333,734.60. This represents a 0.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider N Srinivasan sold 10,000 shares of the firm’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 sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,600 shares of company stock valued at $271,660 over the last quarter. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On HDFC Bank

Several large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in shares of HDFC Bank by 16,808.5% in the 1st quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank’s stock worth $447,289,000 after acquiring an additional 17,871,520 shares during the period. Schroder Investment Management Group boosted its stake in HDFC Bank by 137.6% during the 3rd quarter. Schroder Investment Management Group now owns 25,221,130 shares of the bank’s stock valued at $861,554,000 after purchasing an additional 14,606,422 shares during the period. JPMorgan Chase & Co. grew its position in HDFC Bank by 104.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 19,204,783 shares of the bank’s stock worth $656,035,000 after purchasing an additional 9,808,890 shares during the last quarter. Royal Bank of Canada increased its stake in shares of HDFC Bank by 31.0% in the fourth quarter. Royal Bank of Canada now owns 39,897,767 shares of the bank’s stock valued at $1,457,865,000 after purchasing an additional 9,451,992 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of HDFC Bank by 9,866.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank’s stock valued at $271,381,000 after buying an additional 7,864,692 shares during the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

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).