CIBC Asset Management Inc Decreases Holdings in HDFC Bank Limited $HDB

CIBC Asset Management Inc cut its stake in shares of HDFC Bank Limited (NYSE:HDB) by 7.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 687,171 shares of the bank’s stock after selling 57,030 shares during the period. CIBC Asset Management Inc’s holdings in HDFC Bank were worth $25,016,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Snowden Capital Advisors LLC raised its stake in HDFC Bank by 5.8% during the 2nd quarter. Snowden Capital Advisors LLC now owns 5,707 shares of the bank’s stock valued at $438,000 after buying an additional 311 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in HDFC Bank by 0.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 74,198 shares of the bank’s stock valued at $2,711,000 after buying an additional 345 shares during the last quarter. Flputnam Investment Management Co. raised its stake in HDFC Bank by 2.6% during the 4th quarter. Flputnam Investment Management Co. now owns 14,363 shares of the bank’s stock valued at $525,000 after buying an additional 361 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in HDFC Bank by 19.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 2,330 shares of the bank’s stock valued at $85,000 after buying an additional 384 shares during the last quarter. Finally, Figure 8 Investment Strategies LLC raised its stake in HDFC Bank by 0.8% during the 4th quarter. Figure 8 Investment Strategies LLC now owns 48,510 shares of the bank’s stock valued at $1,773,000 after buying an additional 400 shares during the last quarter. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

HDFC Bank Stock Performance

Shares of HDFC Bank stock opened at $23.58 on Thursday. The company has a market capitalization of $120.27 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.09 and a beta of 0.65. The company has a fifty day moving average of $25.18 and a 200 day moving average of $30.53. HDFC Bank Limited has a fifty-two week low of $23.31 and a fifty-two week high of $39.81.

Insider Activity

In related news, insider N Srinivasan sold 10,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the sale, the insider directly owned 638,422 shares of the company’s stock, valued at $5,567,039.84. This represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ashish Parthasarthy sold 5,600 shares of the firm’s 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 transaction, the insider directly owned 842,958 shares in the company, valued at approximately $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 worth $271,660 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

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

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).