HSBC Holdings PLC (HSBC) Lifted to Buy at Zacks Investment Research

HSBC Holdings PLC (NYSE:HSBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, June 12th. The firm currently has a $50.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.17% from the company’s previous close.

According to Zacks, “Shares of HSBC have outperformed the Zacks categorized Foreign Banks industry in the last three months. Disposal of unprofitable/non-core businesses should continue to enhance the company's operating efficiency, thereby supporting profitability over the longer term. Further, the bank remains on track to achieve its 2017 cost savings target. While dismal European economic growth and weak loan demand are expected to lead to muted revenue growth in the quarters ahead, the company should continue benefitting from its extensive global network, strong capital position and a solid asset growth.”

Analyst Recommendations for HSBC Holdings PLC (NYSE:HSBC)

HSBC Holdings PLC (NYSE:HSBC) traded down 1.5312% during mid-day trading on Monday, hitting $43.5035. 667,214 shares of the company traded hands. The firm has a 50 day moving average of $43.42 and a 200 day moving average of $41.83. The firm has a market capitalization of $170.21 billion, a P/E ratio of 322.2481 and a beta of 0.93. HSBC Holdings PLC has a one year low of $28.62 and a one year high of $44.44.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Friday, May 19th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend is Wednesday, May 17th. HSBC Holdings PLC’s dividend payout ratio is currently 1,333.33%.

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Several large investors have recently added to or reduced their stakes in the stock. FNY Partners Fund LP bought a new stake in HSBC Holdings PLC during the first quarter valued at about $8,011,000. First Financial Equity Corporation bought a new stake in HSBC Holdings PLC during the first quarter valued at about $506,000. Stellar Capital Management LLC bought a new stake in HSBC Holdings PLC during the first quarter valued at about $2,721,000. Earnest Partners LLC boosted its stake in HSBC Holdings PLC by 3.8% in the first quarter. Earnest Partners LLC now owns 13,949 shares of the financial services provider’s stock valued at $569,000 after buying an additional 512 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in HSBC Holdings PLC by 6.9% in the first quarter. Signaturefd LLC now owns 7,820 shares of the financial services provider’s stock valued at $319,000 after buying an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 2.37% of the company’s stock.

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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