HDFC Bank Limited $HDB Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its holdings in shares of HDFC Bank Limited (NYSE:HDB) by 11.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,097,416 shares of the bank’s stock after selling 145,142 shares during the period. Legal & General Group Plc’s holdings in HDFC Bank were worth $40,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in HDB. Schroder Investment Management Group increased its position in HDFC Bank by 137.6% during the 3rd quarter. Schroder Investment Management Group now owns 25,221,130 shares of the bank’s stock valued at $861,554,000 after buying an additional 14,606,422 shares in the last quarter. JPMorgan Chase & Co. increased its position in HDFC Bank by 104.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 19,204,783 shares of the bank’s stock valued at $656,035,000 after buying an additional 9,808,890 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in HDFC Bank by 9,866.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank’s stock valued at $271,381,000 after buying an additional 7,864,692 shares in the last quarter. Franklin Resources Inc. increased its position in HDFC Bank by 106.1% during the 3rd quarter. Franklin Resources Inc. now owns 13,884,943 shares of the bank’s stock valued at $474,310,000 after buying an additional 7,147,440 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in HDFC Bank by 94.3% during the 3rd quarter. Wellington Management Group LLP now owns 13,155,196 shares of the bank’s stock valued at $449,381,000 after buying an additional 6,386,002 shares in the last quarter. 17.61% of the stock is owned by institutional investors and hedge funds.

HDFC Bank Stock Performance

Shares of HDB stock opened at $23.78 on Friday. The stock’s 50-day simple moving average is $25.31 and its 200-day simple moving average is $30.84. The firm has a market capitalization of $121.29 billion, a PE ratio of 14.24, a P/E/G ratio of 1.10 and a beta of 0.68. HDFC Bank Limited has a fifty-two week low of $23.31 and a fifty-two week high of $39.81.

Analysts Set New Price Targets

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

Insider Transactions at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the 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 transaction, the insider directly owned 638,422 shares of the company’s stock, valued at approximately $5,567,039.84. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the insider directly owned 848,558 shares in the company, valued at $7,586,108.52. This represents a 0.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,600 shares of company stock worth $271,660 over the last three months. Corporate insiders own 1.00% of the company’s stock.

HDFC Bank 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).