HDFC Bank Limited $HDB Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group Inc. sharply increased its stake in HDFC Bank, boosting holdings by 16,808.5% in the first quarter to 17.98 million shares worth about $447.3 million.
• Other institutional investors also added to HDB positions, and hedge funds/institutions now own 17.61% of the company’s stock overall.
• HDFC Bank shares were trading at $26.39, with the stock sitting near the lower end of its 52-week range; analysts currently have a Sell consensus rating on the ADRs.

Principal Financial Group Inc. boosted its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 16,808.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 17,977,844 shares of the bank's stock after purchasing an additional 17,871,520 shares during the period. Principal Financial Group Inc. owned approximately 0.35% of HDFC Bank worth $447,289,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in HDB. NewEdge Advisors LLC raised its position in HDFC Bank by 8.6% during the 1st quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank's stock worth $776,000 after buying an additional 922 shares during the last quarter. Goldman Sachs Group Inc. increased its position in HDFC Bank by 1.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 883,855 shares of the bank's stock worth $58,723,000 after purchasing an additional 13,435 shares during the period. Sivia Capital Partners LLC increased its position in HDFC Bank by 24.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank's stock worth $601,000 after purchasing an additional 1,541 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of HDFC Bank by 464.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank's stock worth $114,000 after buying an additional 1,221 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of HDFC Bank by 29.3% in the 2nd quarter. First Trust Advisors LP now owns 51,551 shares of the bank's stock valued at $3,952,000 after buying an additional 11,689 shares during the period. Institutional investors and hedge funds own 17.61% of the company's stock.

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HDFC Bank Price Performance

NYSE HDB opened at $26.39 on Tuesday. HDFC Bank Limited has a 1-year low of $22.91 and a 1-year high of $39.81. The company has a market capitalization of $134.64 billion, a P/E ratio of 15.80, a PEG ratio of 1.23 and a beta of 0.64. The business has a 50 day moving average price of $24.85 and a 200 day moving average price of $28.39.

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 approximately $5,567,039.84. This represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ashish Parthasarthy sold 5,600 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total transaction of $48,720.00. Following the completion of the sale, the insider owned 842,958 shares in the company, valued at $7,333,734.60. This represents a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,600 shares of company stock worth $189,560 over the last quarter. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on HDB shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of HDFC Bank in a report on Wednesday, June 3rd. Zacks Research lowered shares of HDFC Bank from a "hold" rating to a "strong sell" rating in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat.com, HDFC Bank currently has a consensus rating of "Sell".

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).

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