HDFC Bank Limited $HDB Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA sharply cut its HDFC Bank stake by 98.4% in the first quarter, selling 629,567 shares and leaving it with 10,090 shares worth about $251,000.
• Analyst sentiment remains weak: Weiss Ratings reiterated a “sell (d+)” rating, Zacks Research downgraded the stock to “strong sell,” and MarketBeat shows a consensus rating of “Sell.”
• Insiders also sold shares, with N Srinivasan and Ashish Parthasarthy reducing their holdings in recent transactions; HDFC Bank shares were last up 0.1% at $26.52.

Pictet Asset Management Holding SA trimmed its stake in HDFC Bank Limited (NYSE:HDB - Free Report) by 98.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,090 shares of the bank's stock after selling 629,567 shares during the quarter. Pictet Asset Management Holding SA's holdings in HDFC Bank were worth $251,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Larson Financial Group LLC boosted 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 valued at $29,000 after purchasing an additional 403 shares during the last quarter. Bell Investment Advisors Inc increased its holdings in shares of HDFC Bank by 260.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank's stock worth $34,000 after buying an additional 1,002 shares during the last quarter. Pin Oak Investment Advisors Inc. increased its holdings in shares of HDFC Bank by 100.0% during 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 last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of HDFC Bank in the 3rd quarter worth $43,000. Finally, BOCHK Asset Management Ltd raised its position in shares of HDFC Bank by 125.0% in the 4th quarter. BOCHK Asset Management Ltd now owns 1,800 shares of the bank's stock worth $66,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 17.61% of the company's stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, insider N Srinivasan sold 10,000 shares of the firm's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $8.72, for a total value of $87,200.00. Following the transaction, the insider owned 638,422 shares of the company's stock, valued at approximately $5,567,039.84. This trade represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ashish Parthasarthy sold 6,000 shares of HDFC Bank stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total transaction of $53,640.00. Following the transaction, the insider owned 848,558 shares in the company, valued at $7,586,108.52. The trade was a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 21,600 shares of company stock worth $189,560. Insiders own 1.00% of the company's stock.

HDFC Bank Stock Up 0.1%

Shares of HDB stock opened at $26.52 on Monday. The stock has a market cap of $135.31 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 1.23 and a beta of 0.64. HDFC Bank Limited has a fifty-two week low of $22.91 and a fifty-two week high of $39.81. The firm's 50 day moving average price is $24.83 and its two-hundred day moving average price is $28.46.

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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