HDFC Bank Limited (NYSE:HDB) Short Interest Update

Key Points

• Short interest fell 21.8% to 8,143,238 shares as of March 31, equal to about 0.2% of shares outstanding and a days-to-cover ratio of 0.5, signaling low short-covering pressure.
• Analyst sentiment is muted with an average rating of "Reduce" (one Hold, one Sell), while HDFC Bank trades around $26.78 with a market cap of $136.6 billion and a P/E of 16.08.
• Insiders and institutions adjusted positions: director N. Srinivasan sold 10,000 shares (~$82,100), corporate insiders own ~1.0% and institutional investors/hedge funds hold ~17.6%, with several funds adding new stakes in Q4.

HDFC Bank Limited (NYSE:HDB - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totaling 8,143,238 shares, a drop of 21.8% from the March 15th total of 10,414,881 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 15,844,458 shares, the days-to-cover ratio is presently 0.5 days.

HDFC Bank Stock Down 0.1%

HDB stock opened at $26.78 on Wednesday. HDFC Bank has a 12 month low of $23.91 and a 12 month high of $39.81. The firm has a market cap of $136.62 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.01 and a beta of 0.67. The company's 50-day moving average price is $29.24 and its two-hundred day moving average price is $33.10.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other HDFC Bank news, insider N Srinivasan sold 10,000 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $8.21, for a total value of $82,100.00. Following the completion of the sale, the insider owned 648,422 shares in the company, valued at $5,323,544.62. This trade represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On HDFC Bank

Hedge funds have recently added to or reduced their stakes in the business. ARP Global Capital Ltd acquired a new position in shares of HDFC Bank during the 4th quarter valued at $9,364,000. Corient Private Wealth LLC lifted its position in shares of HDFC Bank by 3.4% during the 4th quarter. Corient Private Wealth LLC now owns 64,129 shares of the bank's stock valued at $2,343,000 after acquiring an additional 2,089 shares during the period. BSN CAPITAL PARTNERS Ltd acquired a new position in shares of HDFC Bank during the 4th quarter valued at $19,364,000. Ovata Capital Management Ltd acquired a new position in shares of HDFC Bank during the 4th quarter valued at $10,022,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of HDFC Bank by 736.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 10,415 shares of the bank's stock valued at $381,000 after acquiring an additional 9,170 shares during the period. 17.61% of the stock is currently owned by institutional investors and hedge funds.

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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