Ascent Group LLC Buys New Stake in HSBC Holdings plc $HSBC

Key Points

• Ascent Group LLC acquired a new stake in HSBC Holdings plc, purchasing 13,424 shares valued at approximately $771,000 in the first quarter.
• HSBC reported strong earnings, with an earnings per share of $1.95, exceeding analysts' expectations of $1.62.
• The company announced a quarterly dividend of $0.495 to be paid on September 26, indicating a yield of 3.0% and a payout ratio of 39.21%.

Ascent Group LLC bought a new position in HSBC Holdings plc (NYSE:HSBC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,424 shares of the financial services provider's stock, valued at approximately $771,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Everstar Asset Management LLC grew its stake in HSBC by 50.2% in the 1st quarter. Everstar Asset Management LLC now owns 10,332 shares of the financial services provider's stock worth $593,000 after acquiring an additional 3,451 shares during the period. Goldman Sachs Group Inc. grew its stake in HSBC by 1.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,726,420 shares of the financial services provider's stock worth $271,438,000 after acquiring an additional 53,072 shares during the period. AQR Capital Management LLC grew its stake in HSBC by 43.7% in the 1st quarter. AQR Capital Management LLC now owns 99,949 shares of the financial services provider's stock worth $5,740,000 after acquiring an additional 30,377 shares during the period. Aprio Wealth Management LLC grew its stake in HSBC by 24.3% in the 1st quarter. Aprio Wealth Management LLC now owns 21,454 shares of the financial services provider's stock worth $1,232,000 after acquiring an additional 4,194 shares during the period. Finally, First Manhattan CO. LLC. purchased a new stake in HSBC in the 1st quarter worth approximately $237,000. 1.48% of the stock is owned by hedge funds and other institutional investors.

HSBC Trading Down 0.8%

Shares of NYSE HSBC traded down $0.52 during trading on Friday, hitting $68.64. 1,135,040 shares of the company traded hands, compared to its average volume of 1,245,749. HSBC Holdings plc has a 1 year low of $43.38 and a 1 year high of $69.32. The company has a 50-day moving average price of $64.13 and a 200-day moving average price of $59.58. The firm has a market capitalization of $238.22 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.54 and a beta of 0.65. 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 (NYSE:HSBC - Get Free Report) last posted its earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.33. The business had revenue of $16.90 billion for the quarter, compared to analyst estimates of $16.64 billion. HSBC had a net margin of 13.48% and a return on equity of 12.73%. On average, equities analysts predict that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, August 15th will be issued a dividend of $0.495 per share. The ex-dividend date is Friday, August 15th. This represents a $1.98 annualized dividend and a dividend yield of 2.9%. HSBC's payout ratio is presently 39.21%.

Wall Street Analysts Forecast Growth

HSBC has been the subject of several recent 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. BNP Paribas raised shares of HSBC from a "strong sell" rating to a "strong-buy" rating in a research note on Friday, September 5th. Finally, Bank of America reissued a "neutral" rating and set a $63.00 price objective on shares of HSBC in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, HSBC presently has a consensus rating of "Moderate Buy" and an average target price of $63.00.

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.