Raymond James Financial Inc. Reduces Stake in HSBC Holdings plc $HSBC

Key Points

• Raymond James Financial Inc. reduced its stake in HSBC Holdings plc by 7.3%, holding 333,978 shares after selling 26,214 shares this quarter, valued at approximately $19.18 million.
• Despite the reduction from Raymond James, other investors like Northern Trust Corp and GAMMA Investing LLC significantly increased their holdings in HSBC during the same quarter.
• Bank of America has set a price target of $63.00 for HSBC shares, currently rated as "Hold" by most analysts, reflecting a cautious outlook on the stock's future performance.

Raymond James Financial Inc. decreased its position in shares of HSBC Holdings plc (NYSE:HSBC - Free Report) by 7.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 333,978 shares of the financial services provider's stock after selling 26,214 shares during the period. Raymond James Financial Inc.'s holdings in HSBC were worth $19,180,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of HSBC during the 1st quarter worth approximately $30,000. CoreCap Advisors LLC grew 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 worth $29,000 after buying an additional 456 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of HSBC in the 1st quarter worth approximately $43,000. Bessemer Group Inc. grew its stake in shares of 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 buying an additional 292 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of HSBC by 32.1% in the 1st quarter. Larson Financial Group LLC now owns 1,024 shares of the financial services provider's stock worth $59,000 after buying an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 1.48% of the company's stock.

Analysts Set New Price Targets

Separately, Bank of America restated a "neutral" rating and issued 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 given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $63.00.

HSBC Stock Down 0.6%

HSBC traded down $0.39 during trading on Tuesday, hitting $64.08. 231,811 shares of the company's stock traded hands, compared to its average volume of 2,026,998. The company's 50 day simple moving average is $63.09 and its two-hundred day simple moving average is $58.99. 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 Holdings plc has a 12-month low of $42.38 and a 12-month high of $66.05. The stock has a market capitalization of $223.72 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.44 and a beta of 0.65.

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, beating 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 business had revenue of $16.90 billion for the quarter, compared to the consensus estimate of $16.64 billion. Analysts predict that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, August 15th will be paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, August 15th. HSBC's dividend payout ratio (DPR) is 39.21%.

About HSBC

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.