Manning & Napier Advisors LLC Has $16.98 Million Position in HDFC Bank Limited $HDB

Key Points

• Manning & Napier Advisors cut its HDFC Bank stake by 86.6% in the fourth quarter, selling over 3 million shares and leaving it with 464,815 shares valued at about $16.98 million.
• Other institutional investors were more bullish, with firms like Schroder, JPMorgan, UBS, Franklin Resources, and Wellington Management significantly increasing their positions. Overall, 17.61% of HDFC Bank stock is currently held by institutions and hedge funds.
• HDFC Bank shares were trading down, and analyst sentiment remained cautious: the stock had an average rating of “Reduce” after recent downgrades and only hold-or-sell recommendations.

Manning & Napier Advisors LLC lessened its holdings in shares of HDFC Bank Limited (NYSE:HDB - Free Report) by 86.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,815 shares of the bank's stock after selling 3,002,644 shares during the period. Manning & Napier Advisors LLC's holdings in HDFC Bank were worth $16,984,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Schroder Investment Management Group raised its holdings in HDFC Bank by 137.6% during the 3rd quarter. Schroder Investment Management Group now owns 25,221,130 shares of the bank's stock worth $861,554,000 after buying an additional 14,606,422 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of HDFC Bank by 104.4% in the third quarter. JPMorgan Chase & Co. now owns 19,204,783 shares of the bank's stock valued at $656,035,000 after buying an additional 9,808,890 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of HDFC Bank by 9,866.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,944,403 shares of the bank's stock worth $271,381,000 after acquiring an additional 7,864,692 shares in the last quarter. Franklin Resources Inc. increased its position in shares of HDFC Bank by 106.1% during the third quarter. Franklin Resources Inc. now owns 13,884,943 shares of the bank's stock worth $474,310,000 after acquiring an additional 7,147,440 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of HDFC Bank by 94.3% during the third quarter. Wellington Management Group LLP now owns 13,155,196 shares of the bank's stock worth $449,381,000 after acquiring an additional 6,386,002 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

HDFC Bank Stock Down 2.6%

HDB stock opened at $25.01 on Friday. The business has a 50 day moving average price of $27.06 and a two-hundred day moving average price of $32.17. The company has a market cap of $127.56 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.19 and a beta of 0.68. HDFC Bank Limited has a twelve month low of $23.91 and a twelve month high of $39.81.

Analyst Upgrades and Downgrades

Several research firms recently commented on HDB. Weiss Ratings cut shares of HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, March 6th. Wall Street Zen raised HDFC Bank from a "sell" rating to a "hold" rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce".

Insider Activity at HDFC Bank

In related news, insider Ashish Parthasarthy sold 5,600 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $8.70, for a total value of $48,720.00. Following the completion of the transaction, the insider directly owned 842,958 shares of the company's stock, valued at approximately $7,333,734.60. This trade represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider N Srinivasan sold 10,000 shares of the business'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 transaction, the insider owned 638,422 shares in the company, valued at approximately $5,567,039.84. The trade was a 1.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 31,600 shares of company stock valued at $271,660. 1.00% of the stock is currently owned by insiders.

HDFC Bank Company 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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