Connor Clark & Lunn Investment Management Ltd. Acquires 341,187 Shares of HSBC Holdings plc (NYSE:HSBC)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in HSBC Holdings plc by 729.6%, acquiring an additional 341,187 shares during the first quarter, bringing its total holdings to approximately $22,280,000.
• HSBC recently reported earnings of $1.95 per share, surpassing analysts' expectations of $1.62, with revenue reaching $16.90 billion for the quarter.
• The stock has a market capitalization of $222.44 billion and currently holds a price target of $63.00 with a consensus "Hold" rating from analysts.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of HSBC Holdings plc (NYSE:HSBC - Free Report) by 729.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 387,953 shares of the financial services provider's stock after acquiring an additional 341,187 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in HSBC were worth $22,280,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CoreCap Advisors LLC raised its holdings in shares of HSBC by 342.9% during the fourth quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 456 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of HSBC in the 1st quarter worth about $30,000. Garde Capital Inc. purchased a new stake in shares of HSBC in the 1st quarter worth about $43,000. Bessemer Group Inc. grew its position in shares of HSBC by 51.0% in the 1st quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock worth $50,000 after buying an additional 292 shares during the period. Finally, Larson Financial Group LLC grew its position in shares of HSBC by 32.1% in the 1st quarter. Larson Financial Group LLC now owns 1,024 shares of the financial services provider's stock worth $59,000 after buying an additional 249 shares during the period. Institutional investors own 1.48% of the company's stock.

HSBC Stock Performance

Shares of HSBC stock opened at $63.71 on Friday. The stock has a market cap of $222.44 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.42 and a beta of 0.60. The firm's 50-day moving average is $61.37 and its 200 day moving average is $57.63. HSBC Holdings plc has a 1 year low of $41.12 and a 1 year high of $65.75. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.86 and a quick ratio of 0.93.

HSBC (NYSE:HSBC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.33. The company had revenue of $16.90 billion for the quarter, compared to analysts' expectations of $16.64 billion. HSBC had a net margin of 13.48% and a return on equity of 12.73%. Sell-side analysts anticipate that HSBC Holdings plc will post 6.66 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Bank of America reaffirmed a "neutral" rating and issued a $63.00 target price on shares of HSBC in a research report on Tuesday, June 3rd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $63.00.

About HSBC

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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