Assetmark Inc. Increases Stock Position in HSBC Holdings plc $HSBC

Assetmark Inc. lifted its stake in HSBC Holdings plc (NYSE:HSBC) by 85.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,175 shares of the financial services provider’s stock after acquiring an additional 12,501 shares during the quarter. Assetmark Inc.’s holdings in HSBC were worth $1,929,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new position in shares of HSBC during the third quarter worth $25,000. NewSquare Capital LLC grew its position in HSBC by 152.6% in the 2nd quarter. NewSquare Capital LLC now owns 432 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 261 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in HSBC during the third quarter worth about $32,000. Root Financial Partners LLC acquired a new stake in shares of HSBC during the third quarter worth about $43,000. Finally, Private Trust Co. NA grew its holdings in shares of HSBC by 346.2% in the second quarter. Private Trust Co. NA now owns 763 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 592 shares in the last quarter. Hedge funds and other institutional investors own 1.48% of the company’s stock.

HSBC Stock Down 1.4%

HSBC stock opened at $86.87 on Friday. The stock has a market cap of $298.40 billion, a P/E ratio of 18.29, a PEG ratio of 0.94 and a beta of 0.52. 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 Holdings plc has a twelve month low of $45.66 and a twelve month high of $90.81. The company’s 50 day moving average is $82.97 and its two-hundred day moving average is $73.41.

Analysts Set New Price Targets

Several brokerages have commented on HSBC. Bank of America raised shares of HSBC from a “neutral” rating to a “buy” rating in a research report on Wednesday, December 10th. Citigroup restated a “buy” rating on shares of HSBC in a report on Friday, January 9th. Morgan Stanley started coverage on HSBC in a research note on Wednesday, January 14th. They issued an “equal weight” rating for the company. Weiss Ratings restated a “hold (c+)” rating on shares of HSBC in a research note on Monday, December 29th. Finally, Erste Group Bank upgraded shares of HSBC from a “hold” rating to a “buy” rating in a research note on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, HSBC has an average rating of “Moderate Buy” and an average price target of $63.00.

About HSBC

HSBC Holdings plc (NYSE: HSBC) is a multinational banking and financial services organization headquartered in London. It traces its origins to the Hongkong and Shanghai Banking Corporation, founded in 1865 to facilitate trade between Europe and Asia, and has since grown into one of the world’s largest banking groups. The company is publicly listed in multiple markets, including the London Stock Exchange, the Hong Kong Stock Exchange and as an American depositary receipt on the New York Stock Exchange.

HSBC operates a universal banking model, serving retail, commercial, corporate and institutional clients.