HSBC Holdings plc $HSBC Shares Sold by Meritage Portfolio Management

Key Points

• Meritage Portfolio Management reduced its stake in HSBC Holdings plc by 4.7%, now holding 295,652 shares worth approximately $17.97 million, while the stock constitutes about 1.1% of its portfolio.
• In contrast, Contrarian Capital Management significantly increased its holdings by 425.4%, owning over 1.26 million shares valued at roughly $72.69 million after adding 1 million shares in the first quarter.
• HSBC recently announced a quarterly dividend of $0.495 per share, with an annualized yield of 3.0% and a payout ratio of 39.21%.

Meritage Portfolio Management trimmed its holdings in HSBC Holdings plc (NYSE:HSBC - Free Report) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 295,652 shares of the financial services provider's stock after selling 14,695 shares during the quarter. HSBC makes up about 1.1% of Meritage Portfolio Management's holdings, making the stock its 15th biggest position. Meritage Portfolio Management's holdings in HSBC were worth $17,973,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of HSBC. Contrarian Capital Management L.L.C. increased its holdings in shares of HSBC by 425.4% in the 1st quarter. Contrarian Capital Management L.L.C. now owns 1,265,656 shares of the financial services provider's stock valued at $72,687,000 after acquiring an additional 1,024,780 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of HSBC by 729.6% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 387,953 shares of the financial services provider's stock valued at $22,280,000 after acquiring an additional 341,187 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of HSBC in the 1st quarter valued at $17,430,000. Royal Bank of Canada increased its holdings in shares of HSBC by 18.7% in the 1st quarter. Royal Bank of Canada now owns 1,047,447 shares of the financial services provider's stock valued at $60,155,000 after acquiring an additional 164,915 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of HSBC by 3.3% in the 1st quarter. Northern Trust Corp now owns 2,873,096 shares of the financial services provider's stock valued at $165,002,000 after acquiring an additional 91,789 shares during the period. 1.48% of the stock is owned by institutional investors and hedge funds.

HSBC Price Performance

Shares of NYSE HSBC opened at $65.96 on Friday. The firm has a market capitalization of $227.59 billion, a P/E ratio of 13.06, a PEG ratio of 1.67 and a beta of 0.62. HSBC Holdings plc has a one year low of $43.81 and a one year high of $72.21. The company's fifty day moving average is $66.93 and its two-hundred day moving average is $61.23. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.93 and a current ratio of 0.86.

HSBC (NYSE:HSBC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.62 by $0.33. The company 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%. Analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current fiscal year.

HSBC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, August 15th were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, August 15th. HSBC's payout ratio is presently 39.21%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on HSBC shares. Zacks Research lowered shares of HSBC from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 3rd. Jefferies Financial Group reiterated a "hold" rating on shares of HSBC in a research report on Friday. Citigroup reiterated a "buy" rating on shares of HSBC in a research report on Monday, September 22nd. Weiss Ratings reiterated a "hold (c)" rating on shares of HSBC in a research report on Wednesday. Finally, BNP Paribas upgraded shares of HSBC from a "strong sell" rating to a "strong-buy" rating in a research report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus 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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