HDFC Bank (NYSE:HDB) Reaches New 1-Year Low – Time to Sell?

HDFC Bank Limited (NYSE:HDB) reached a new 52-week low during trading on Monday . The stock traded as low as $24.18 and last traded at $24.21, with a volume of 31717 shares changing hands. The stock had previously closed at $24.35.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings lowered shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 6th. Wall Street Zen upgraded shares of 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 given a Sell rating to the stock. According to MarketBeat.com, HDFC Bank presently has an average rating of “Reduce”.

HDFC Bank Trading Down 0.2%

The business has a 50 day moving average of $30.87 and a two-hundred day moving average of $33.89. The firm has a market cap of $124.01 billion, a P/E ratio of 14.63, a PEG ratio of 1.01 and a beta of 0.56.

Insider Buying and Selling at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $8.21, for a total transaction of $82,100.00. Following the completion of the sale, the insider owned 648,422 shares in the company, valued at approximately $5,323,544.62. This trade represents a 1.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On HDFC Bank

Hedge funds have recently bought and sold shares of the stock. Hudson Edge Investment Partners Inc. raised its holdings in HDFC Bank by 100.6% in the 3rd quarter. Hudson Edge Investment Partners Inc. now owns 1,506,200 shares of the bank’s stock valued at $51,452,000 after acquiring an additional 755,200 shares in the last quarter. Jacobson & Schmitt Advisors LLC lifted its position in HDFC Bank by 97.7% during the third 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 period. ABN Amro Investment Solutions grew its stake in HDFC Bank by 100.0% during the third quarter. ABN Amro Investment Solutions now owns 209,050 shares of the bank’s stock worth $7,141,000 after buying an additional 104,525 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of HDFC Bank by 102.5% in the 3rd 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 in the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in shares of HDFC Bank by 77.3% during the 3rd quarter. Impax Asset Management Group plc now owns 1,687,380 shares of the bank’s stock worth $57,641,000 after acquiring an additional 735,409 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

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).