1832 Asset Management L.P. Takes $17.43 Million Position in HSBC Holdings plc $HSBC

Key Points

• 1832 Asset Management L.P. has acquired a new stake in HSBC Holdings plc worth approximately $17.43 million, purchasing 303,500 shares in the first quarter.
• HSBC has reported a strong quarterly earnings performance, with an EPS of $1.95, exceeding estimates of $1.62, driven by revenues of $16.90 billion.
• The company announced a dividend of $0.495 per share, with a yield of 308.0%, payable on September 26th to shareholders of record as of August 18th.

1832 Asset Management L.P. purchased a new stake in shares of HSBC Holdings plc (NYSE:HSBC - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 303,500 shares of the financial services provider's stock, valued at approximately $17,430,000.

Other hedge funds have also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of HSBC during the 1st quarter valued at $30,000. CoreCap Advisors LLC grew its position in shares of HSBC by 342.9% during the 4th quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 456 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of HSBC during the 1st quarter valued at $43,000. Elequin Capital LP grew its position in HSBC by 282.2% in the first quarter. Elequin Capital LP now owns 772 shares of the financial services provider's stock worth $44,000 after acquiring an additional 570 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in HSBC by 51.0% in the first quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock worth $50,000 after acquiring an additional 292 shares in the last quarter. 1.48% of the stock is currently owned by hedge funds and other institutional investors.

HSBC Stock Performance

NYSE HSBC opened at $65.6410 on Friday. The company has a 50-day simple moving average of $62.38 and a two-hundred day simple moving average of $58.52. The company has a quick ratio of 0.93, a current ratio of 0.86 and a debt-to-equity ratio of 0.65. HSBC Holdings plc has a 12-month low of $42.38 and a 12-month high of $66.05. The firm has a market cap of $229.18 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.47 and a beta of 0.60.

HSBC (NYSE:HSBC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $16.64 billion. On average, equities analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, September 26th. Shareholders of record on Monday, August 18th will be given a dividend of $0.495 per share. This represents a yield of 308.0%. The ex-dividend date is Friday, August 15th. HSBC's dividend payout ratio is presently 39.21%.

Analyst Upgrades and Downgrades

Separately, Bank of America reiterated a "neutral" rating and issued a $63.00 target price on shares of HSBC in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $63.00.

HSBC Company 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.

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