Canoe Financial LP Sells 243,400 Shares of HDFC Bank Limited $HDB

Canoe Financial LP lessened its stake in HDFC Bank Limited (NYSE:HDB) by 41.5% during the first quarter, HoldingsChannel reports. The firm owned 343,080 shares of the bank’s stock after selling 243,400 shares during the period. Canoe Financial LP’s holdings in HDFC Bank were worth $8,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC increased its position in HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock worth $29,000 after buying an additional 403 shares during the last quarter. Clearstead Advisors LLC lifted its position in shares of HDFC Bank by 476.8% during the 3rd quarter. Clearstead Advisors LLC now owns 894 shares of the bank’s stock valued at $31,000 after buying an additional 739 shares during the last quarter. Accent Capital Management LLC grew its stake in shares of HDFC Bank by 100.0% during the 3rd quarter. Accent Capital Management LLC now owns 918 shares of the bank’s stock worth $31,000 after acquiring an additional 459 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of HDFC Bank during the 2nd quarter worth $75,000. Finally, Pin Oak Investment Advisors Inc. increased its holdings in HDFC Bank by 100.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 996 shares of the bank’s stock worth $34,000 after acquiring an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 17.61% of the company’s stock.

HDFC Bank Price Performance

NYSE:HDB opened at $25.72 on Monday. HDFC Bank Limited has a 1 year low of $22.91 and a 1 year high of $39.81. The stock’s fifty day moving average price is $24.79 and its two-hundred day moving average price is $29.12. The company has a market cap of $131.19 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 0.65.

Insider Buying and Selling

In related news, insider Ashish Parthasarthy sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total transaction of $53,640.00. Following the completion of the transaction, the insider owned 848,558 shares of the company’s stock, valued at approximately $7,586,108.52. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider N Srinivasan sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider owned 638,422 shares in the company, valued at $5,567,039.84. This represents a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,600 shares of company stock valued at $189,560 over the last 90 days. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

HDB has been the topic of a number of research reports. Weiss Ratings restated a “sell (d+)” rating on shares of HDFC Bank in a research note on Wednesday, June 3rd. Zacks Research lowered shares of HDFC Bank from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, HDFC Bank has a consensus rating of “Sell”.

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).