QRG Capital Management Inc. Acquires 27,319 Shares of HSBC Holdings plc $HSBC

Key Points

• QRG Capital Management Inc. increased its stake in HSBC Holdings plc by 7.5%, acquiring an additional 27,319 shares during the second quarter, bringing their total holdings to 393,564 shares worth approximately $23.9 million.
• HSBC received several upgrades from analysts, including BNP Paribas, which changed its rating from "underperform" to "outperform," indicating a positive shift in outlook for the company.
• The company reported a strong quarterly performance with earnings per share of $1.95, surpassing analysts' consensus estimate of $1.62, alongside a quarterly dividend of $0.495, reflecting a 2.7% yield.

QRG Capital Management Inc. lifted its holdings in shares of HSBC Holdings plc (NYSE:HSBC - Free Report) by 7.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 393,564 shares of the financial services provider's stock after purchasing an additional 27,319 shares during the quarter. QRG Capital Management Inc.'s holdings in HSBC were worth $23,925,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. TD Private Client Wealth LLC increased its holdings in shares of HSBC by 101.7% during the second quarter. TD Private Client Wealth LLC now owns 464 shares of the financial services provider's stock worth $28,000 after purchasing an additional 234 shares during the period. Wayfinding Financial LLC bought a new position in shares of HSBC during the first quarter worth approximately $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of HSBC during the 2nd quarter worth approximately $31,000. Raleigh Capital Management Inc. acquired a new stake in shares of HSBC during the 2nd quarter worth approximately $33,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of HSBC during the 2nd quarter worth approximately $39,000. 1.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

HSBC has been the topic of several analyst reports. BNP Paribas Exane upgraded shares of HSBC from an "underperform" rating to an "outperform" rating in a research report on Friday, September 5th. BNP Paribas upgraded shares of HSBC from a "strong sell" rating to a "strong-buy" rating in a research report on Friday, September 5th. Weiss Ratings reiterated a "hold (c)" rating on shares of HSBC in a research report on Saturday, September 27th. Finally, Citigroup reiterated a "buy" rating on shares of HSBC in a research report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, HSBC has a consensus rating of "Moderate Buy" and an average price target of $63.00.

HSBC Stock Performance

Shares of HSBC stock opened at $72.15 on Friday. HSBC Holdings plc has a fifty-two week low of $43.81 and a fifty-two week high of $72.21. 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 firm has a market capitalization of $250.38 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.58 and a beta of 0.62. The company's 50 day moving average price is $66.27 and its two-hundred day moving average price is $60.82.

HSBC (NYSE:HSBC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.33. HSBC had a net margin of 13.48% and a return on equity of 12.73%. The firm had revenue of $16.90 billion for the quarter, compared to analyst estimates of $16.64 billion. On average, equities analysts forecast that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, August 15th were issued a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, August 15th. HSBC's dividend payout ratio is presently 39.21%.

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.

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