DAVENPORT & Co LLC Raises Stock Holdings in HSBC Holdings plc (NYSE:HSBC)

DAVENPORT & Co LLC boosted its stake in HSBC Holdings plc (NYSE:HSBC - Free Report) by 21.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,121 shares of the financial services provider's stock after purchasing an additional 5,977 shares during the period. DAVENPORT & Co LLC's holdings in HSBC were worth $1,960,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of HSBC. CoreCap Advisors LLC increased its stake in HSBC by 342.9% in the 4th quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider's stock worth $29,000 after purchasing an additional 456 shares during the period. Garde Capital Inc. purchased a new position in HSBC in the 1st quarter worth approximately $43,000. Bessemer Group Inc. increased its stake in 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 purchasing an additional 292 shares during the period. Spire Wealth Management increased its stake in HSBC by 59.4% in the 1st quarter. Spire Wealth Management now owns 1,320 shares of the financial services provider's stock worth $76,000 after purchasing an additional 492 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in shares of HSBC during the fourth quarter valued at approximately $86,000. 1.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Bank of America reissued a "neutral" rating and set a $63.00 target price on shares of HSBC in a research note on Tuesday, June 3rd. Wall Street Zen raised HSBC from a "sell" rating to a "hold" rating in a research note on Tuesday, March 11th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $63.00.

HSBC Trading Up 1.1%

Shares of HSBC traded up $0.64 during mid-day trading on Tuesday, hitting $61.57. 1,437,009 shares of the company's stock traded hands, compared to its average volume of 1,757,115. The firm has a market capitalization of $216.48 billion, a P/E ratio of 11.30, a PEG ratio of 1.92 and a beta of 0.57. The business's 50-day moving average price is $59.12 and its 200-day moving average price is $55.49. HSBC Holdings plc has a 1 year low of $39.42 and a 1 year high of $61.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.51.

HSBC (NYSE:HSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.35. The company had revenue of $17.74 billion for the quarter, compared to analysts' expectations of $16.60 billion. HSBC had a return on equity of 12.55% and a net margin of 14.55%. As a group, sell-side analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current fiscal year.

HSBC Dividend Announcement

The company also recently declared a dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 12th were paid a $0.495 dividend. The ex-dividend date was Friday, May 9th. This represents a yield of 3.5%. HSBC's payout ratio is 36.33%.

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.