HDFC Bank (NYSE:HDB) Hits New 12-Month Low – Should You Sell?

HDFC Bank Limited (NYSE:HDB)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $23.69 and last traded at $23.7350, with a volume of 6382167 shares. The stock had previously closed at $24.80.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 6th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce”.

HDFC Bank Stock Down 4.2%

The company has a market cap of $121.20 billion, a P/E ratio of 14.23, a PEG ratio of 1.15 and a beta of 0.68. The firm’s 50 day moving average is $25.57 and its two-hundred day moving average is $31.06.

Insider Activity

In other HDFC Bank news, insider N Srinivasan sold 10,000 shares of the company’s stock in a transaction dated 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 owned 638,422 shares in the company, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ashish Parthasarthy sold 6,000 shares of the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total value of $53,640.00. Following the completion of the sale, the insider directly owned 848,558 shares of the company’s stock, valued at approximately $7,586,108.52. The trade was a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,600 shares of company stock worth $271,660 over the last ninety days. Company insiders own 1.00% of the company’s stock.

Institutional Trading of HDFC Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HDB. GQG Partners LLC lifted its position in shares of HDFC Bank by 1.5% in the 4th quarter. GQG Partners LLC now owns 52,962,709 shares of the bank’s stock worth $1,935,258,000 after purchasing an additional 777,977 shares during the period. Royal Bank of Canada increased its position in shares of HDFC Bank by 6.3% during the first quarter. Royal Bank of Canada now owns 42,418,483 shares of the bank’s stock worth $1,055,372,000 after buying an additional 2,520,716 shares during the period. Schroder Investment Management Group raised its stake in HDFC Bank by 4.1% during the fourth quarter. Schroder Investment Management Group now owns 26,264,726 shares of the bank’s stock worth $959,713,000 after buying an additional 1,043,596 shares during the last quarter. JPMorgan Chase & Co. raised its stake in HDFC Bank by 6.8% during the fourth quarter. JPMorgan Chase & Co. now owns 20,504,634 shares of the bank’s stock worth $749,239,000 after buying an additional 1,299,851 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in HDFC Bank by 16,808.5% in the first quarter. Principal Financial Group Inc. now owns 17,977,844 shares of the bank’s stock valued at $447,289,000 after buying an additional 17,871,520 shares during the period. Institutional investors and hedge funds 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).