HDFC Bank (NYSE:HDB) Downgraded by Wall Street Zen to Sell

Key Points

• HDFC Bank was downgraded to “sell” by Wall Street Zen, adding to a series of bearish analyst calls on the stock. Zacks Research also cut its rating to “strong sell,” while Weiss Ratings reiterated a sell view.
• The stock was trading slightly higher despite the negative ratings, opening at $26.36 and rising 0.2% on the day. HDFC Bank’s market cap is about $134.5 billion, with a P/E ratio of 15.79 and a beta of 0.64.
• Insiders have been selling shares in recent months, and institutional ownership stands at 17.61%. Several funds increased their holdings, including Goldman Sachs and First Trust Advisors, while insiders sold 21,600 shares worth $189,560 over the last 90 days.

HDFC Bank (NYSE:HDB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms also recently issued reports on HDB. Zacks Research downgraded HDFC Bank from a "hold" rating to a "strong sell" rating in a research note on Thursday, June 18th. Weiss Ratings reiterated a "sell (d+)" rating on shares of HDFC Bank in a research report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of "Sell".

HDFC Bank Trading Up 0.2%

HDFC Bank stock opened at $26.36 on Friday. The company has a market capitalization of $134.50 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.22 and a beta of 0.64. HDFC Bank has a 12 month low of $22.91 and a 12 month high of $39.81. The stock's 50 day moving average is $24.92 and its 200-day moving average is $28.16.

Insider Transactions at HDFC Bank

In related news, insider N Srinivasan sold 10,000 shares of the company's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $8.72, for a total transaction of $87,200.00. Following the completion of the sale, the insider owned 638,422 shares of the company's stock, valued at $5,567,039.84. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ashish Parthasarthy sold 6,000 shares of the stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $8.94, for a total transaction of $53,640.00. Following the sale, the insider owned 848,558 shares in the company, valued at $7,586,108.52. The trade was a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 21,600 shares of company stock valued at $189,560. 1.00% of the stock is owned by insiders.

Institutional Trading of HDFC Bank

Several large investors have recently made changes to their positions in HDB. NewEdge Advisors LLC increased its stake in HDFC Bank by 8.6% in the first quarter. NewEdge Advisors LLC now owns 11,676 shares of the bank's stock valued at $776,000 after acquiring an additional 922 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in HDFC Bank by 1.5% during the first 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 last quarter. Sivia Capital Partners LLC boosted its holdings in shares of HDFC Bank by 24.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 7,840 shares of the bank's stock valued at $601,000 after purchasing an additional 1,541 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of HDFC Bank by 464.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,484 shares of the bank's stock valued at $114,000 after purchasing an additional 1,221 shares in the last quarter. Finally, First Trust Advisors LP increased its stake 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 purchasing an additional 11,689 shares during the last quarter. Institutional investors and hedge funds own 17.61% of the company's stock.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.