Credit Suisse Group Boosts HSBC (NYSE:HSBC) Price Target to GBX 575

HSBC (NYSE:HSBCGet Rating) had its price target boosted by Credit Suisse Group from GBX 525 ($6.43) to GBX 575 ($7.05) in a research note published on Tuesday, The Fly reports.

HSBC has been the topic of several other research reports. Redburn Partners upgraded HSBC from a neutral rating to a buy rating in a report on Friday, June 24th. JPMorgan Chase & Co. upped their target price on HSBC from GBX 540 ($6.62) to GBX 550 ($6.74) in a report on Thursday, May 19th. Royal Bank of Canada upped their target price on HSBC from GBX 550 ($6.74) to GBX 590 ($7.23) in a report on Friday, May 6th. Morgan Stanley upped their target price on HSBC from GBX 590 ($7.23) to GBX 624 ($7.65) in a report on Wednesday, July 6th. Finally, Investec upgraded HSBC from a hold rating to a buy rating in a report on Wednesday, June 15th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $609.86.

HSBC Stock Down 3.0 %

HSBC stock opened at $32.45 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $132.49 billion, a P/E ratio of 11.39, a P/E/G ratio of 0.46 and a beta of 0.51. The business has a 50-day moving average of $32.11 and a 200-day moving average of $33.21. HSBC has a fifty-two week low of $24.31 and a fifty-two week high of $38.61.

HSBC Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Friday, August 19th will be paid a $0.45 dividend. The ex-dividend date is Thursday, August 18th. This represents a $1.80 annualized dividend and a yield of 5.55%. HSBC’s dividend payout ratio is 43.51%.

Institutional Trading of HSBC

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in HSBC by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,833,179 shares of the financial services provider’s stock worth $336,492,000 after purchasing an additional 330,792 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in HSBC by 62.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,738,851 shares of the financial services provider’s stock worth $127,944,000 after purchasing an additional 1,443,765 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in HSBC by 3.8% during the 4th quarter. JPMorgan Chase & Co. now owns 3,374,145 shares of the financial services provider’s stock worth $101,730,000 after purchasing an additional 124,185 shares during the last quarter. Citigroup Inc. lifted its holdings in HSBC by 26.9% during the 4th quarter. Citigroup Inc. now owns 1,879,075 shares of the financial services provider’s stock worth $56,653,000 after purchasing an additional 398,822 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in HSBC by 0.8% during the 1st quarter. Northern Trust Corp now owns 1,752,609 shares of the financial services provider’s stock worth $59,974,000 after purchasing an additional 13,243 shares during the last quarter. 1.14% of the stock is owned by institutional investors and hedge funds.

About HSBC

(Get Rating)

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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