HSBC Holdings plc $HSBC Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its holdings in shares of HSBC Holdings plc (NYSE:HSBC) by 16.0% during the second quarter, HoldingsChannel.com reports. The fund owned 7,694 shares of the financial services provider’s stock after selling 1,461 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in HSBC were worth $468,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HSBC. Contrarian Capital Management L.L.C. boosted its position in HSBC by 425.4% during the first quarter. Contrarian Capital Management L.L.C. now owns 1,265,656 shares of the financial services provider’s stock worth $72,687,000 after acquiring an additional 1,024,780 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in HSBC by 729.6% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 387,953 shares of the financial services provider’s stock worth $22,280,000 after purchasing an additional 341,187 shares during the period. 1832 Asset Management L.P. purchased a new position in HSBC during the first quarter worth about $17,430,000. Royal Bank of Canada raised its stake in HSBC by 18.7% during the first quarter. Royal Bank of Canada now owns 1,047,447 shares of the financial services provider’s stock worth $60,155,000 after purchasing an additional 164,915 shares during the period. Finally, Northern Trust Corp raised its stake in HSBC by 3.3% during the first quarter. Northern Trust Corp now owns 2,873,096 shares of the financial services provider’s stock worth $165,002,000 after purchasing an additional 91,789 shares during the period. 1.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HSBC has been the topic of a number of analyst reports. BNP Paribas Exane raised shares of HSBC from an “underperform” rating to an “outperform” rating in a research note on Friday, September 5th. Zacks Research downgraded shares of HSBC from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of HSBC in a research note on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating on shares of HSBC in a research note on Friday, October 10th. Finally, Citigroup reissued a “buy” rating on shares of HSBC in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, HSBC currently has a consensus rating of “Hold” and an average target price of $63.00.

HSBC Price Performance

HSBC stock opened at $66.05 on Wednesday. The company’s 50 day simple moving average is $67.36 and its 200-day simple moving average is $61.73. The company has a market capitalization of $227.92 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.74 and a beta of 0.62. HSBC Holdings plc has a 1 year low of $43.97 and a 1 year high of $72.21. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.93 and a current ratio of 0.86.

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

HSBC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, August 15th were paid a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, August 15th. HSBC’s dividend payout ratio is presently 39.21%.

HSBC 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.