Manning & Napier Advisors LLC Sells 452,290 Shares of HDFC Bank Limited $HDB

Key Points

• Manning & Napier Advisors LLC sharply reduced its HDFC Bank stake by 97.3% in Q1, selling 452,290 shares and leaving it with 12,525 shares valued at about $312,000.
• Other institutions were active in the stock as well, with HSBC Holdings PLC boosting its position and institutional investors and hedge funds now owning 17.61% of HDFC Bank’s shares.
• Analyst sentiment remains weak: recent reports from Weiss Ratings and Zacks Research were bearish, and MarketBeat says the stock currently carries a consensus “Sell” rating.

Manning & Napier Advisors LLC lowered its holdings in HDFC Bank Limited (NYSE:HDB - Free Report) by 97.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,525 shares of the bank's stock after selling 452,290 shares during the period. Manning & Napier Advisors LLC's holdings in HDFC Bank were worth $312,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in HDB. Hsbc Holdings PLC grew its position in HDFC Bank by 55.9% during the first quarter. Hsbc Holdings PLC now owns 3,361,513 shares of the bank's stock worth $83,080,000 after buying an additional 1,205,192 shares in the last quarter. R Squared Ltd bought a new stake in shares of HDFC Bank during the 1st quarter valued at $273,000. Collaborative Fund Advisors LLC bought a new stake in shares of HDFC Bank during the 1st quarter valued at $1,080,000. Hudson Edge Investment Partners Inc. grew its holdings in shares of HDFC Bank by 36.0% during the 1st quarter. Hudson Edge Investment Partners Inc. now owns 2,033,200 shares of the bank's stock worth $50,586,000 after purchasing an additional 538,200 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of HDFC Bank in the first quarter worth $102,000. Institutional investors and hedge funds own 17.61% of the company's stock.

Wall Street Analyst Weigh In

HDB has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Zacks Research cut HDFC Bank from a "hold" rating to a "strong sell" rating in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of "Sell".

Insider Buying and Selling at HDFC Bank

In other news, insider N Srinivasan sold 10,000 shares of the business's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $8.72, for a total transaction of $87,200.00. Following the sale, the insider directly 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. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ashish Parthasarthy sold 5,600 shares of the company's stock in a transaction that occurred 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 $7,333,734.60. This represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 21,600 shares of company stock worth $189,560. 1.00% of the stock is currently owned by company insiders.

HDFC Bank Price Performance

Shares of NYSE:HDB opened at $26.52 on Monday. HDFC Bank Limited has a one year low of $22.91 and a one year high of $39.81. The company has a market cap of $135.31 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.23 and a beta of 0.64. The firm has a 50 day simple moving average of $24.83 and a 200 day simple moving average of $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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