Ieq Capital LLC Trims Stock Position in HSBC Holdings plc (NYSE:HSBC)

Ieq Capital LLC trimmed its holdings in shares of HSBC Holdings plc (NYSE:HSBC – Free Report) by 18.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,594 shares of the financial services provider’s stock after selling 1,488 shares during the quarter. Ieq Capital LLC’s holdings in HSBC were worth $225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HSBC. Allspring Global Investments Holdings LLC purchased a new stake in shares of HSBC in the 1st quarter worth $34,000. Fifth Third Bancorp increased its position in HSBC by 286.7% in the first quarter. Fifth Third Bancorp now owns 1,102 shares of the financial services provider’s stock worth $38,000 after buying an additional 817 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of HSBC in the first quarter worth about $42,000. Newbridge Financial Services Group Inc. lifted its position in shares of HSBC by 158.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 1,550 shares of the financial services provider’s stock valued at $53,000 after buying an additional 950 shares in the last quarter. Finally, Belpointe Asset Management LLC bought a new position in shares of HSBC during the 4th quarter valued at approximately $50,000. 1.37% of the stock is owned by hedge funds and other institutional investors.

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HSBC Trading Up 0.9 %

Shares of HSBC stock opened at $41.91 on Thursday. The company has a market cap of $168.87 billion, a PE ratio of 7.51, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50 day simple moving average is $38.94 and its two-hundred day simple moving average is $37.11. HSBC Holdings plc has a 1 year low of $24.77 and a 1 year high of $42.05.

HSBC (NYSE:HSBC – Get Free Report) last issued its quarterly earnings results on Monday, May 1st. The financial services provider reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.85. HSBC had a return on equity of 11.52% and a net margin of 32.20%. The company had revenue of $20.17 billion during the quarter, compared to the consensus estimate of $17.10 billion. Research analysts predict that HSBC Holdings plc will post 6.42 earnings per share for the current year.

HSBC Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, May 12th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.77%. HSBC’s dividend payout ratio (DPR) is presently 37.46%.

Analyst Ratings Changes

Several brokerages have weighed in on HSBC. Barclays lifted their price target on shares of HSBC from GBX 840 ($10.77) to GBX 900 ($11.54) in a report on Wednesday, May 3rd. CICC Research upgraded HSBC from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 14th. Morgan Stanley lowered their price objective on HSBC from GBX 695 ($8.91) to GBX 675 ($8.65) in a research report on Wednesday, July 12th. StockNews.com began coverage on HSBC in a research report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Royal Bank of Canada upped their price target on HSBC from GBX 775 ($9.94) to GBX 800 ($10.26) in a research note on Wednesday, May 10th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, HSBC has an average rating of “Hold” and a consensus price target of $735.00.

HSBC Profile

(Free Report)

HSBC Holdings plc provides banking and financial services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retail banking and wealth products, including current and savings accounts, mortgages and personal loans, credit and debit cards, and local and international payment services; and wealth management services comprising insurance and investment products, global asset management services, investment management, and private wealth solutions.

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