HDFC Bank Limited $HDB Position Cut by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in HDFC Bank Limited (NYSE:HDB) by 16.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,697,209 shares of the bank’s stock after selling 522,164 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in HDFC Bank were worth $67,107,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. PineStone Asset Management Inc. lifted its holdings in HDFC Bank by 1.9% in the fourth 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 period. M&T Bank Corp increased its stake in HDFC Bank by 788.3% during the 4th 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 period. Matthews International Capital Management LLC raised its position in shares of HDFC Bank by 58.3% during the 4th quarter. Matthews International Capital Management LLC now owns 343,916 shares of the bank’s stock worth $12,567,000 after buying an additional 126,650 shares in the last quarter. Boston Common Asset Management LLC raised its position in shares of HDFC Bank by 80.9% during the 4th quarter. Boston Common Asset Management LLC now owns 1,537,511 shares of the bank’s stock worth $56,181,000 after buying an additional 687,812 shares in the last quarter. Finally, State of Michigan Retirement System raised its position in shares of HDFC Bank by 32.7% during the 4th quarter. State of Michigan Retirement System now owns 595,200 shares of the bank’s stock worth $21,749,000 after buying an additional 146,600 shares in the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were 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 in the company, valued at approximately $5,567,039.84. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ashish Parthasarthy sold 5,600 shares of HDFC Bank 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 completion of the transaction, the insider directly owned 842,958 shares in the company, valued at $7,333,734.60. This represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 21,600 shares of company stock valued at $189,560 over the last three months. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Zacks Research cut shares of HDFC Bank from a “hold” rating to a “strong sell” rating in a report on Thursday, June 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of HDFC Bank in a report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

HDFC Bank Trading Up 0.0%

HDB stock traded up $0.00 during trading hours on Friday, hitting $26.52. 4,656,464 shares of the stock traded hands, compared to its average volume of 7,309,313. The stock has a 50-day simple moving average of $24.83 and a 200 day simple moving average of $28.51. The company has a market cap of $135.31 billion, a P/E ratio of 15.88, a P/E/G ratio of 1.23 and a beta of 0.64. HDFC Bank Limited has a one year low of $22.91 and a one year high of $39.81.

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).