HSBC (NYSE:HSBC) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of HSBC (NYSE:HSBC) from a neutral rating to a buy rating in a report issued on Wednesday, Marketbeat Ratings reports.

Several other equities research analysts also recently issued reports on the company. Citigroup restated a “buy” rating on shares of HSBC in a report on Tuesday, October 21st. Weiss Ratings restated a “hold (c+)” rating on shares of HSBC in a report on Monday. Zacks Research upgraded HSBC from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. BNP Paribas Exane upgraded HSBC from an “underperform” rating to an “outperform” rating in a report on Friday, September 5th. Finally, BNP Paribas upgraded HSBC from a “strong sell” rating to a “strong-buy” rating in a report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

HSBC Price Performance

HSBC stock opened at $74.05 on Wednesday. The firm has a market capitalization of $254.35 billion, a P/E ratio of 15.59, a PEG ratio of 1.25 and a beta of 0.52. The business has a 50-day moving average of $69.82 and a 200-day moving average of $65.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. HSBC has a 1 year low of $45.66 and a 1 year high of $74.36.

HSBC (NYSE:HSBC) last issued its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.15. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $16.78 billion. HSBC had a net margin of 12.85% and a return on equity of 12.78%. On average, equities analysts anticipate that HSBC will post 6.66 EPS for the current year.

HSBC Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Friday, November 7th will be paid a $0.50 dividend. This is a positive change from HSBC’s previous quarterly dividend of $0.50. This represents a $2.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, November 7th. HSBC’s dividend payout ratio is 41.68%.

Hedge Funds Weigh In On HSBC

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings in shares of HSBC by 1.1% during the first quarter. Goldman Sachs Group Inc. now owns 4,726,420 shares of the financial services provider’s stock worth $271,438,000 after purchasing an additional 53,072 shares during the period. Belpointe Asset Management LLC acquired a new stake in HSBC during the first quarter worth approximately $391,000. Acadian Asset Management LLC raised its holdings in HSBC by 254.2% in the 1st quarter. Acadian Asset Management LLC now owns 23,718 shares of the financial services provider’s stock valued at $1,362,000 after acquiring an additional 17,021 shares in the last quarter. ABC Arbitrage SA lifted its position in shares of HSBC by 237.0% during the 2nd quarter. ABC Arbitrage SA now owns 170,779 shares of the financial services provider’s stock valued at $10,382,000 after acquiring an additional 120,110 shares during the period. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of HSBC during the 1st quarter worth $391,000. 1.48% of the stock is owned by institutional investors.

About HSBC

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.