Channing Global Advisors LLC Reduces Position in HDFC Bank Limited $HDB

Key Points

• Channing Global Advisors cut its HDFC Bank stake by 24.6% in the first quarter, selling 44,184 shares and leaving it with 135,432 shares valued at about $3.37 million.
• Despite mixed institutional activity, HDFC Bank remains owned by hedge funds and other institutional investors for 17.61% of shares, with some firms increasing positions significantly in the quarter.
• The stock has faced a cautious outlook: HDFC Bank is up 1.4% recently, but analysts currently have a Sell consensus rating, including recent downgrades from Zacks Research and Weiss Ratings.

Channing Global Advisors LLC decreased its holdings in HDFC Bank Limited (NYSE:HDB - Free Report) by 24.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 135,432 shares of the bank's stock after selling 44,184 shares during the period. HDFC Bank makes up approximately 2.0% of Channing Global Advisors LLC's investment portfolio, making the stock its 15th largest position. Channing Global Advisors LLC's holdings in HDFC Bank were worth $3,370,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. R Squared Ltd acquired a new stake in shares of HDFC Bank in the first quarter valued at approximately $273,000. Collaborative Fund Advisors LLC acquired a new position in HDFC Bank during the first quarter worth $1,080,000. Hudson Edge Investment Partners Inc. boosted its stake in HDFC Bank by 36.0% during the first quarter. Hudson Edge Investment Partners Inc. now owns 2,033,200 shares of the bank's stock worth $50,586,000 after buying an additional 538,200 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in HDFC Bank in the 1st quarter valued at $102,000. Finally, Y Intercept Hong Kong Ltd grew its holdings in HDFC Bank by 740.5% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 280,763 shares of the bank's stock valued at $6,985,000 after buying an additional 247,359 shares in the last quarter. 17.61% of the stock is owned by hedge funds and other institutional investors.

HDFC Bank Stock Up 1.4%

HDB stock opened at $26.52 on Friday. The business has a fifty day moving average of $24.80 and a two-hundred day moving average of $28.53. The stock has a market cap of $135.28 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 1.22 and a beta of 0.64. HDFC Bank Limited has a 52-week low of $22.91 and a 52-week high of $39.81.

Analysts Set New Price Targets

Several research firms have recently commented on HDB. Zacks Research lowered HDFC Bank from a "hold" rating to a "strong sell" rating in a report on Thursday, June 18th. Weiss Ratings reissued a "sell (d+)" rating on shares of HDFC Bank in a report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Sell rating, Based on data from MarketBeat, HDFC Bank presently has a consensus rating of "Sell".

Insider Transactions at HDFC Bank

In related news, insider Ashish Parthasarthy sold 5,600 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total value of $48,720.00. Following the sale, the insider directly owned 842,958 shares in the company, valued at approximately $7,333,734.60. The trade was a 0.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider N Srinivasan sold 10,000 shares of the company's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total transaction of $87,200.00. Following the completion of the transaction, the insider directly owned 638,422 shares in the company, valued at $5,567,039.84. The trade was a 1.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,600 shares of company stock valued at $189,560 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).

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