CIBC Asset Management Inc trimmed its position in HDFC Bank Limited (NYSE:HDB – Free Report) by 7.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 687,171 shares of the bank’s stock after selling 57,030 shares during the quarter. CIBC Asset Management Inc’s holdings in HDFC Bank were worth $25,016,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. NewEdge Advisors LLC lifted its position in HDFC Bank by 8.6% during the first quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank’s stock valued at $776,000 after purchasing an additional 922 shares during the period. Goldman Sachs Group Inc. lifted its position in HDFC Bank by 1.5% during the first quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank’s stock valued at $58,723,000 after purchasing an additional 13,435 shares during the period. Sivia Capital Partners LLC lifted its position in HDFC Bank by 24.5% during the second quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank’s stock valued at $601,000 after purchasing an additional 1,541 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in HDFC Bank by 464.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank’s stock valued at $114,000 after purchasing an additional 1,221 shares during the period. Finally, First Trust Advisors LP lifted its position in HDFC Bank by 29.3% during the second quarter. First Trust Advisors LP now owns 51,551 shares of the bank’s stock valued at $3,952,000 after purchasing an additional 11,689 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings downgraded shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 6th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, HDFC Bank presently has an average rating of “Reduce”.
HDFC Bank Stock Performance
HDB opened at $23.58 on Thursday. HDFC Bank Limited has a fifty-two week low of $23.31 and a fifty-two week high of $39.81. The company has a fifty day moving average of $25.18 and a two-hundred day moving average of $30.53. The stock has a market capitalization of $120.27 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.09 and a beta of 0.65.
Insiders Place Their Bets
In other news, insider Ashish Parthasarthy sold 6,000 shares of the business’s stock in a transaction dated 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 owned 848,558 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, insider N Srinivasan sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $8.72, for a total transaction of $87,200.00. Following the sale, the insider directly owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This represents a 1.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,600 shares of company stock valued at $271,660 in the last ninety days. 1.00% of the stock is owned by corporate insiders.
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).
Further Reading
- Five stocks we like better than HDFC Bank
- Coke’s $10B India IPO Plan Pops the Top on Hidden Value
- FedEx Unboxes Billions in Post-Spinoff Value
- Marvell’s AI Moment Raises a Bigger Question for Amazon and ServiceNow
- Palo Alto Networks Accelerates Growth 31% on AI Demand
Want to see what other hedge funds are holding HDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HDFC Bank Limited (NYSE:HDB – Free Report).
Receive News & Ratings for HDFC Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HDFC Bank and related companies with MarketBeat.com's FREE daily email newsletter.
