Cresset Asset Management LLC Reduces Stock Position in HSBC Holdings plc $HSBC

Key Points

• Cresset Asset Management LLC has reduced its stake in HSBC Holdings by 29.5%, holding now 13,112 shares worth $777,000.
• HSBC recently reported an earnings per share (EPS) of $1.95 for the quarter, surpassing analyst expectations of $1.62.
• The company's dividend payout of $0.495 per share, coming on September 26th, represents a yield of 308.0% with a current payout ratio of 39.21%.

Cresset Asset Management LLC trimmed its holdings in shares of HSBC Holdings plc (NYSE:HSBC - Free Report) by 29.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,112 shares of the financial services provider's stock after selling 5,484 shares during the quarter. Cresset Asset Management LLC's holdings in HSBC were worth $777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CoreCap Advisors LLC grew its position in HSBC by 342.9% in the 4th 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 acquired a new position in HSBC in the 1st quarter valued at about $30,000. Garde Capital Inc. acquired a new position in HSBC in the 1st quarter valued at about $43,000. Bessemer Group Inc. grew its position in HSBC by 51.0% in the 1st quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 292 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in HSBC by 32.1% in the 1st quarter. Larson Financial Group LLC now owns 1,024 shares of the financial services provider's stock valued at $59,000 after acquiring an additional 249 shares in the last quarter. 1.48% of the stock is owned by institutional investors and hedge funds.

HSBC Stock Down 1.4%

HSBC stock traded down $0.89 during trading on Wednesday, hitting $64.60. 709,178 shares of the company's stock were exchanged, compared to its average volume of 2,050,558. The business has a 50-day moving average price of $62.63 and a two-hundred day moving average price of $58.69. The stock has a market capitalization of $225.54 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.46 and a beta of 0.60. HSBC Holdings plc has a 52-week low of $42.38 and a 52-week high of $66.05. The company has a current ratio of 0.86, a quick ratio of 0.93 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, topping the consensus estimate of $1.62 by $0.33. HSBC had a return on equity of 12.73% and a net margin of 13.48%.The firm had revenue of $16.90 billion during the quarter, compared to analysts' expectations of $16.64 billion. As a group, equities research analysts expect that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Announces Dividend

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

Analyst Ratings Changes

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. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus 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.