Principal Financial Group Inc. Raises Stake in HDFC Bank Limited $HDB

Principal Financial Group Inc. lifted its position in shares of HDFC Bank Limited (NYSE:HDB) by 16,808.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,977,844 shares of the bank’s stock after buying an additional 17,871,520 shares during the period. Principal Financial Group Inc.’s holdings in HDFC Bank were worth $447,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HDB. Larson Financial Group LLC lifted its stake 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 worth $29,000 after purchasing an additional 403 shares during the period. Bell Investment Advisors Inc increased its stake in HDFC Bank by 260.9% in the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,002 shares during the last quarter. Pin Oak Investment Advisors Inc. lifted its position in HDFC Bank by 100.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after buying an additional 498 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in HDFC Bank in the 3rd quarter worth about $43,000. Finally, BOCHK Asset Management Ltd boosted its stake in HDFC Bank by 125.0% in the 4th quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank’s stock worth $66,000 after buying an additional 1,000 shares during the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at HDFC Bank

In other HDFC Bank news, insider Ashish Parthasarthy sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total transaction of $53,640.00. Following the completion of the sale, the insider directly owned 848,558 shares in the company, valued at $7,586,108.52. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider N Srinivasan sold 10,000 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $8.72, for a total transaction of $87,200.00. Following the completion of the sale, the insider directly owned 638,422 shares of the company’s stock, valued at $5,567,039.84. The trade was a 1.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 21,600 shares of company stock worth $189,560 in the last 90 days. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

HDFC Bank Price Performance

HDFC Bank stock opened at $26.39 on Tuesday. The stock’s 50-day moving average is $24.85 and its 200-day moving average is $28.39. The company has a market cap of $134.64 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. HDFC Bank Limited has a 12 month low of $22.91 and a 12 month high of $39.81.

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).