HDFC Bank (NYSE:HDB) Hits New 52-Week Low – Here’s What Happened

HDFC Bank Limited (NYSE:HDB)’s share price reached a new 52-week low on Thursday . The company traded as low as $22.66 and last traded at $22.8850, with a volume of 617029 shares. The stock had previously closed at $23.18.

Wall Street Analysts Forecast Growth

HDB has been the topic of a number of research analyst reports. Zacks Research upgraded HDFC Bank from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Wall Street Zen cut HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Finally, Weiss Ratings upgraded HDFC Bank from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

HDFC Bank Trading Down 0.6%

The firm has a market capitalization of $117.51 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.12 and a beta of 0.64. The company’s fifty day simple moving average is $24.89 and its 200 day simple moving average is $27.83.

HDFC Bank (NYSE:HDB) last announced its earnings results on Saturday, July 18th. The bank reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. The firm had revenue of $9.01 billion for the quarter, compared to analyst estimates of $5 billion. HDFC Bank had a net margin of 15.96% and a return on equity of 13.14%. On average, analysts predict that HDFC Bank Limited will post 1.67 earnings per share for the current fiscal year.

Insider Transactions at HDFC Bank

In other HDFC Bank news, insider Ashish Parthasarthy sold 5,600 shares of HDFC Bank stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $8.70, for a total transaction of $48,720.00. Following the sale, the insider directly owned 842,958 shares of the company’s stock, valued at approximately $7,333,734.60. The trade was a 0.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider N Srinivasan sold 10,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 638,422 shares in the company, valued at $5,567,039.84. This trade represents a 1.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On HDFC Bank

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in shares of HDFC Bank by 8.6% during the 1st quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank’s stock valued at $776,000 after buying an additional 922 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of HDFC Bank by 1.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank’s stock worth $58,723,000 after acquiring an additional 13,435 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in HDFC Bank by 24.5% during the second quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank’s stock worth $601,000 after acquiring an additional 1,541 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake 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 worth $114,000 after acquiring an additional 1,221 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in HDFC Bank by 29.3% in the second quarter. First Trust Advisors LP now owns 51,551 shares of the bank’s stock worth $3,952,000 after purchasing an additional 11,689 shares during the period. 17.61% of the stock is currently owned by institutional investors.

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).