HDFC Bank Limited (NYSE:HDB – Get Free Report) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $23.82 and last traded at $24.0530, with a volume of 524632 shares changing hands. The stock had previously closed at $24.20.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Weiss Ratings lowered 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 analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.
Read Our Latest Research Report on HDB
HDFC Bank Trading Down 0.6%
Insider Buying and Selling at HDFC Bank
In related news, insider Ashish Parthasarthy sold 6,000 shares of HDFC Bank stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $8.94, for a total value of $53,640.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider N Srinivasan sold 10,000 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $8.72, for a total value of $87,200.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,600 shares of company stock worth $271,660 in the last ninety days. 1.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On HDFC Bank
A number of institutional investors have recently bought and sold shares of the stock. XY Capital Ltd acquired a new stake in HDFC Bank during the 1st quarter worth about $5,293,000. Temasek Holdings Private Ltd boosted its holdings in shares of HDFC Bank by 15.5% in the first quarter. Temasek Holdings Private Ltd now owns 12,559,656 shares of the bank’s stock worth $312,484,000 after buying an additional 1,686,276 shares during the period. ABN Amro Investment Solutions boosted its holdings in shares of HDFC Bank by 66.0% in the first quarter. ABN Amro Investment Solutions now owns 1,498,938 shares of the bank’s stock worth $37,294,000 after buying an additional 595,912 shares during the period. Madison Asset Management LLC increased its position in shares of HDFC Bank by 5.4% in the first quarter. Madison Asset Management LLC now owns 96,273 shares of the bank’s stock worth $2,395,000 after acquiring an additional 4,893 shares in the last quarter. Finally, Summit Global Investments raised its holdings in shares of HDFC Bank by 8.0% during the first quarter. Summit Global Investments now owns 38,152 shares of the bank’s stock valued at $949,000 after acquiring an additional 2,829 shares during the period. Hedge funds and other 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).
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