HDFC Bank (NYSE:HDB) Hits New 52-Week Low - What's Next?

Key Points

• Shares of HDFC Bank hit a new 52-week low, trading as low as $24.74 and last at $25.3760 on heavy volume (about 19,044,557 shares).
• Analyst coverage is mixed: Weiss Ratings downgraded HDFC to a sell while Wall Street Zen raised it to a hold, leaving an average MarketBeat rating of Reduce.
• Several institutional investors materially increased their positions in Q3 (e.g., Hudson Edge, State of New Jersey), institutions now own 17.61% of the stock; the company has a market cap of $129.46 billion and a P/E of 15.24.

Shares of HDFC Bank Limited (NYSE:HDB - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $24.74 and last traded at $25.3760, with a volume of 19044557 shares. The stock had previously closed at $25.39.

Analyst Upgrades and Downgrades

HDB has been the subject of several research reports. Weiss Ratings lowered HDFC Bank from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, March 6th. Wall Street Zen upgraded HDFC Bank from a "sell" rating to a "hold" rating in a report 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. According to MarketBeat, the stock presently has an average rating of "Reduce".

HDFC Bank Stock Down 0.1%

The company's 50-day simple moving average is $31.48 and its 200 day simple moving average is $34.18. The stock has a market capitalization of $129.46 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.06 and a beta of 0.56.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Hudson Edge Investment Partners Inc. lifted its position in HDFC Bank by 100.6% during the 3rd quarter. Hudson Edge Investment Partners Inc. now owns 1,506,200 shares of the bank's stock worth $51,452,000 after acquiring an additional 755,200 shares during the last quarter. Jacobson & Schmitt Advisors LLC grew its position in shares of HDFC Bank by 97.7% in the third quarter. Jacobson & Schmitt Advisors LLC now owns 383,137 shares of the bank's stock valued at $13,088,000 after purchasing an additional 189,303 shares during the last quarter. ABN Amro Investment Solutions increased its stake in shares of HDFC Bank by 100.0% in the third quarter. ABN Amro Investment Solutions now owns 209,050 shares of the bank's stock worth $7,141,000 after purchasing an additional 104,525 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of HDFC Bank by 102.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 2,369,307 shares of the bank's stock worth $80,936,000 after purchasing an additional 1,199,084 shares during the period. Finally, Impax Asset Management Group plc lifted its position in shares of HDFC Bank by 77.3% during the 3rd quarter. Impax Asset Management Group plc now owns 1,687,380 shares of the bank's stock worth $57,641,000 after purchasing an additional 735,409 shares during the last quarter. 17.61% of the stock is owned by institutional investors.

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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