Legal & General Group Plc Lowers Holdings in HDFC Bank Limited $HDB

Legal & General Group Plc trimmed its position in HDFC Bank Limited (NYSE:HDB) by 11.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,097,416 shares of the bank’s stock after selling 145,142 shares during the quarter. Legal & General Group Plc’s holdings in HDFC Bank were worth $40,094,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in HDB. Larson Financial Group LLC lifted its holdings in shares of HDFC Bank by 90.4% in the 3rd quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock worth $29,000 after buying an additional 403 shares during the period. Accent Capital Management LLC lifted its holdings in shares of HDFC Bank by 100.0% in the 3rd quarter. Accent Capital Management LLC now owns 918 shares of the bank’s stock worth $31,000 after buying an additional 459 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of HDFC Bank by 476.8% in the 3rd quarter. Clearstead Advisors LLC now owns 894 shares of the bank’s stock worth $31,000 after buying an additional 739 shares during the period. Pin Oak Investment Advisors Inc. lifted its holdings in shares of HDFC Bank by 100.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after buying an additional 498 shares during the period. Finally, Graney & King LLC lifted its holdings in shares of HDFC Bank by 100.0% in the 3rd quarter. Graney & King LLC now owns 1,200 shares of the bank’s stock worth $41,000 after buying an additional 600 shares during the period. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider N Srinivasan sold 10,000 shares of the company’s stock in a transaction on 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 sale, the insider directly owned 638,422 shares in the company, valued at $5,567,039.84. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ashish Parthasarthy sold 5,600 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $8.70, for a total value of $48,720.00. Following the sale, the insider owned 842,958 shares of the company’s stock, valued at $7,333,734.60. This trade represents a 0.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,600 shares of company stock valued at $271,660 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

HDFC Bank Price Performance

Shares of NYSE HDB opened at $23.78 on Friday. The stock has a market capitalization of $121.29 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.10 and a beta of 0.68. HDFC Bank Limited has a 1-year low of $23.31 and a 1-year high of $39.81. The business has a fifty day moving average price of $25.31 and a 200 day moving average price of $30.84.

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).