HSBC Holdings PLC (HSBC) Cut to “Hold” at Zacks Investment Research
HSBC Holdings PLC (NYSE:HSBC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Shares of HSBC have outperformed the Zacks categorized Foreign Banks industry in the last six months. Disposal of unprofitable/non-core businesses should continue to enhance the company's operating efficiency, thereby supporting profitability over the longer term. The company should continue benefitting from its extensive global network, strong capital position and a solid asset growth. However, dismal European economic growth and weak loan demand are expected to lead to muted revenue growth in the quarters ahead. Also, regulatory probes and litigations related to past business mal-practices as well as stringent regulations make us apprehensive.”
Other equities research analysts have also issued reports about the company. BidaskClub lowered HSBC Holdings PLC from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Berenberg Bank lowered HSBC Holdings PLC from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Finally, Morgan Stanley raised HSBC Holdings PLC from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 28th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $34.87.
HSBC Holdings PLC (HSBC) traded up 0.2613% during trading on Tuesday, hitting $47.7745. 1,511,307 shares of the company’s stock traded hands. The company’s 50 day moving average price is $43.82 and its 200 day moving average price is $41.98. The company has a market cap of $186.92 billion, a PE ratio of 353.8852 and a beta of 0.87. HSBC Holdings PLC has a 52-week low of $30.40 and a 52-week high of $47.90.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Friday, May 19th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.20%. The ex-dividend date was Wednesday, May 17th. HSBC Holdings PLC’s dividend payout ratio (DPR) is currently 1,333.33%.
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A number of large investors have recently made changes to their positions in the company. Karp Capital Management Corp purchased a new stake in shares of HSBC Holdings PLC during the first quarter valued at $47,142,000. LMR Partners LLP raised its position in HSBC Holdings PLC by 1,416.0% in the first quarter. LMR Partners LLP now owns 759,830 shares of the financial services provider’s stock worth $30,947,000 after buying an additional 709,710 shares during the last quarter. Dimensional Fund Advisors LP raised its position in HSBC Holdings PLC by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 13,211,121 shares of the financial services provider’s stock worth $539,278,000 after buying an additional 454,788 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in HSBC Holdings PLC during the first quarter worth $13,775,000. Finally, Parametric Portfolio Associates LLC raised its position in HSBC Holdings PLC by 22.1% in the first quarter. Parametric Portfolio Associates LLC now owns 1,850,523 shares of the financial services provider’s stock worth $75,538,000 after buying an additional 334,869 shares during the last quarter. 2.37% of the stock is owned by institutional investors.
About HSBC Holdings PLC
HSBC Holdings plc (HSBC) is the banking and financial services company. The Company manages its products and services through four businesses: Retail Banking and Wealth Management (RBWM), Commercial Banking (CMB), Global Banking and Markets (GB&M), and Global Private Banking (GPB). It operates across various geographical regions, which include Europe, Asia, Middle East and North Africa, North America and Latin America.
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