Hang Seng Bank (OTCMKTS:HSNGY) Hits New 52-Week High - Here's Why

Key Points

• Hang Seng Bank shares reached a new 52-week high of $19.54, signaling a significant performance in the market with a recent trading price of $19.48.
• Recent analyst ratings are mixed; UBS downgraded the bank to a "strong sell", while Zacks upgraded it to a "hold", leading to a consensus rating of "Reduce".
• The bank recently declared a dividend of $0.1456, resulting in an impressive yield of 564.0%, though the company has cut dividends previously.

Hang Seng Bank Ltd. (OTCMKTS:HSNGY - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $19.54 and last traded at $19.48, with a volume of 10197 shares changing hands. The stock had previously closed at $19.30.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HSNGY. UBS Group lowered Hang Seng Bank from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 31st. Zacks Research upgraded shares of Hang Seng Bank from a "strong sell" rating to a "hold" rating in a report on Monday, September 29th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce".

Hang Seng Bank Trading Up 0.9%

The firm has a 50-day simple moving average of $15.14 and a 200-day simple moving average of $14.50.

Hang Seng Bank Cuts Dividend

The company also recently declared a dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 15th were issued a $0.1456 dividend. This represents a yield of 564.0%. The ex-dividend date of this dividend was Thursday, August 14th.

Hang Seng Bank Company Profile

Hang Seng Bank Limited, together with its subsidiaries, provides various banking and related financial services to individual, corporate, commercial, small and medium-sized enterprises, and institutional customers in Hong Kong, the Mainland of China, and internationally. It operates through five segments: Wealth and Personal Banking, Commercial Banking, Global Banking, Global Markets, and Other.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.