HSBC (NYSE:HSBC) Reaches New 52-Week High Following Analyst Upgrade

Shares of HSBC Holdings plc (NYSE:HSBC) hit a new 52-week high during trading on Friday after BNP Paribas Exane upgraded the stock from an underperform rating to an outperform rating. The company traded as high as $66.30 and last traded at $66.20, with a volume of 37235 shares trading hands. The stock had previously closed at $65.08.

Separately, Bank of America reissued a “neutral” rating and issued a $63.00 price target on shares of HSBC in a research note on Tuesday, June 3rd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $63.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. NewSquare Capital LLC lifted its position in shares of HSBC by 152.6% during the 2nd quarter. NewSquare Capital LLC now owns 432 shares of the financial services provider’s stock valued at $26,000 after buying an additional 261 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of HSBC by 101.7% during the 2nd quarter. TD Private Client Wealth LLC now owns 464 shares of the financial services provider’s stock valued at $28,000 after buying an additional 234 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of HSBC by 342.9% during the 4th quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider’s stock valued at $29,000 after buying an additional 456 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of HSBC during the 1st quarter valued at $30,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of HSBC during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 1.48% of the company’s stock.

HSBC Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average price of $63.42 and a 200 day moving average price of $59.20. The stock has a market cap of $228.97 billion, a PE ratio of 12.99, a PEG ratio of 1.45 and a beta of 0.65.

HSBC (NYSE:HSBC) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.33. The business had revenue of $16.90 billion for the quarter, compared to analysts’ expectations of $16.64 billion. HSBC had a return on equity of 12.73% and a net margin of 13.48%. As a group, research analysts forecast that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, August 15th will be given a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, August 15th. HSBC’s dividend payout ratio (DPR) is presently 39.21%.

HSBC Company Profile

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.