HDFC Bank (NYSE:HDB) Shares Gap Down – What’s Next?

HDFC Bank Limited (NYSE:HDB)’s share price gapped down before the market opened on Monday . The stock had previously closed at $26.38, but opened at $24.76. HDFC Bank shares last traded at $23.9480, with a volume of 4,287,527 shares.

Analyst Ratings Changes

Several brokerages have weighed in on HDB. Zacks Research cut HDFC Bank from a “hold” rating to a “strong sell” rating in a report on Thursday, June 18th. Wall Street Zen lowered HDFC Bank from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

HDFC Bank Trading Down 9.2%

The company has a market cap of $122.26 billion, a P/E ratio of 14.36, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. The company has a 50 day moving average price of $24.92 and a 200-day moving average price of $28.10.

Insider Activity

In other HDFC Bank news, 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 completion of the transaction, the insider owned 638,422 shares of the company’s stock, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ashish Parthasarthy sold 5,600 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $8.70, for a total transaction of $48,720.00. Following the completion of the transaction, the insider directly owned 842,958 shares of the company’s stock, valued at $7,333,734.60. This trade represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 21,600 shares of company stock worth $189,560 over the last ninety days. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On HDFC Bank

Hedge funds have recently made changes to their positions in the stock. Snowden Capital Advisors LLC grew its position in HDFC Bank by 5.8% in the 2nd quarter. Snowden Capital Advisors LLC now owns 5,707 shares of the bank’s stock valued at $438,000 after acquiring an additional 311 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in HDFC Bank by 0.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 74,198 shares of the bank’s stock worth $2,711,000 after purchasing an additional 345 shares during the period. Flputnam Investment Management Co. lifted its position in shares of HDFC Bank by 2.6% during the fourth quarter. Flputnam Investment Management Co. now owns 14,363 shares of the bank’s stock worth $525,000 after purchasing an additional 361 shares during the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of HDFC Bank by 19.7% during the fourth quarter. Cullen Frost Bankers Inc. now owns 2,330 shares of the bank’s stock worth $85,000 after purchasing an additional 384 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in shares of HDFC Bank by 3.0% during the fourth quarter. Sivia Capital Partners LLC now owns 13,492 shares of the bank’s stock valued at $493,000 after purchasing an additional 397 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

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).