Manning & Napier Advisors LLC Sells 452,290 Shares of HDFC Bank Limited $HDB

Manning & Napier Advisors LLC cut its position in shares of HDFC Bank Limited (NYSE:HDB) by 97.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,525 shares of the bank’s stock after selling 452,290 shares during the quarter. Manning & Napier Advisors LLC’s holdings in HDFC Bank were worth $312,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HDB. Larson Financial Group LLC increased its stake in shares of HDFC Bank by 90.4% in the 3rd quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock valued at $29,000 after acquiring an additional 403 shares in the last quarter. 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 in the last quarter. Pin Oak Investment Advisors Inc. boosted its position in shares of HDFC Bank by 100.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after purchasing an additional 498 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of HDFC Bank during the 3rd quarter worth about $43,000. Finally, BOCHK Asset Management Ltd grew its stake in shares of HDFC Bank by 125.0% in the 4th quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank’s stock valued at $66,000 after buying an additional 1,000 shares during the period. 17.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on HDB shares. Zacks Research downgraded 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 research note on Wednesday, June 3rd. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat.com, HDFC Bank presently has a consensus rating of “Sell”.

Insiders Place Their Bets

In other HDFC Bank news, insider N Srinivasan sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $8.72, for a total transaction of $87,200.00. Following the transaction, the insider directly owned 638,422 shares in the company, valued at $5,567,039.84. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ashish Parthasarthy sold 6,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $7,586,108.52. This trade represents a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 21,600 shares of company stock worth $189,560. 1.00% of the stock is owned by insiders.

HDFC Bank Trading Up 0.1%

Shares of NYSE HDB opened at $26.52 on Monday. The business has a 50-day moving average of $24.83 and a 200-day moving average of $28.46. The firm has a market capitalization of $135.31 billion, a price-to-earnings ratio of 15.88, a PEG 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).