HDFC Bank (NYSE:HDB) Hits New 1-Year Low Following Insider Selling

HDFC Bank Limited (NYSE:HDB)’s stock price hit a new 52-week low during trading on Tuesday following insider selling activity. The stock traded as low as $24.74 and last traded at $25.3760, with a volume of 19044557 shares. The stock had previously closed at $25.39.

Specifically, insider N Srinivasan sold 10,000 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $8.21, for a total transaction of $82,100.00. Following the sale, the insider owned 648,422 shares in the company, valued at approximately $5,323,544.62. This represents a 1.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of analysts recently issued reports on HDB shares. Weiss Ratings downgraded 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 report on Friday, January 23rd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce”.

HDFC Bank Stock Down 1.2%

The stock has a market cap of $128.02 billion, a P/E ratio of 15.07, a PEG ratio of 1.06 and a beta of 0.56. The business has a 50 day moving average price of $31.32 and a 200 day moving average price of $34.10.

Hedge Funds Weigh In On HDFC Bank

Hedge funds have recently bought and sold shares of the business. Insigneo Advisory Services LLC lifted its position in shares of HDFC Bank by 4.9% during the second quarter. Insigneo Advisory Services LLC now owns 3,244 shares of the bank’s stock worth $249,000 after purchasing an additional 152 shares during the last quarter. Level Four Advisory Services LLC boosted its stake in shares of HDFC Bank by 3.0% during the second quarter. Level Four Advisory Services LLC now owns 7,681 shares of the bank’s stock valued at $589,000 after purchasing an additional 223 shares during the period. Snowden Capital Advisors LLC grew its holdings in shares of HDFC Bank by 5.8% in the second quarter. Snowden Capital Advisors LLC now owns 5,707 shares of the bank’s stock worth $438,000 after purchasing an additional 311 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of HDFC Bank by 54.5% in the third quarter. Parkside Financial Bank & Trust now owns 913 shares of the bank’s stock worth $31,000 after purchasing an additional 322 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in HDFC Bank by 0.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 74,198 shares of the bank’s stock worth $2,711,000 after buying an additional 345 shares during the period. Institutional investors own 17.61% of the company’s stock.

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).