First Manhattan CO. LLC. Takes Position in HSBC Holdings plc $HSBC

Key Points

• First Manhattan CO. LLC. acquired a new stake in HSBC Holdings plc, purchasing 4,009 shares valued at approximately $237,000 during the 1st quarter.
• HSBC reported earnings of $1.95 per share for the last quarter, exceeding analyst expectations, with total revenue reaching $16.90 billion.
• The company announced a quarterly dividend of $0.495 per share, representing an annualized yield of 3.1%, to be paid on September 26th.

First Manhattan CO. LLC. acquired a new stake in HSBC Holdings plc (NYSE:HSBC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,009 shares of the financial services provider's stock, valued at approximately $237,000.

Other hedge funds also recently modified their holdings of the company. Wayfinding Financial LLC bought a new stake in shares of HSBC in the 1st quarter valued at $30,000. CoreCap Advisors LLC increased its stake in shares of 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. Garde Capital Inc. bought a new stake in shares of HSBC in the 1st quarter valued at $43,000. Elequin Capital LP increased its stake in shares of HSBC by 282.2% in the 1st quarter. Elequin Capital LP now owns 772 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 570 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in HSBC by 51.0% during the 1st quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 292 shares in the last quarter. Institutional investors own 1.48% of the company's stock.

HSBC Price Performance

HSBC opened at $64.75 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.86 and a quick ratio of 0.93. The company has a market capitalization of $226.07 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.44 and a beta of 0.65. The firm's fifty day moving average price is $63.23 and its two-hundred day moving average price is $59.07. HSBC Holdings plc has a 1 year low of $42.38 and a 1 year high of $66.05.

HSBC (NYSE:HSBC - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $16.90 billion for the quarter, compared to the consensus estimate of $16.64 billion. HSBC had a net margin of 13.48% and a return on equity of 12.73%. As a group, analysts anticipate that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, August 15th. HSBC's payout ratio is currently 39.21%.

Wall Street Analysts Forecast Growth

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