HSBC (NYSE:HSBC) Reaches New 1-Year High - Here's What Happened

Key Points

• HSBC Holdings plc shares reached a new 52-week high of $65.77, closing at $65.74 with a trading volume of over 1.4 million shares.
• Analysts have given HSBC a consensus rating of "Hold," with a target price of $63.00, despite recent strong earnings results exceeding expectations.
• The company announced a dividend of $0.495 per share, which will be paid on September 26th, reflecting a significant yield of 308.0%.

Shares of HSBC Holdings plc (NYSE:HSBC - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $65.77 and last traded at $65.74, with a volume of 1477286 shares. The stock had previously closed at $64.97.

Wall Street Analysts Forecast Growth

Separately, Bank of America reiterated a "neutral" rating and issued a $63.00 target price on shares of HSBC in a research note on Tuesday, June 3rd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $63.00.

HSBC Stock Performance

The firm has a market cap of $229.54 billion, a P/E ratio of 13.02, a PEG ratio of 1.45 and a beta of 0.60. The stock's 50 day moving average is $61.68 and its two-hundred day moving average is $57.86. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.86 and a quick ratio of 0.93.

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

HSBC Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, September 26th. Shareholders of record on Monday, August 18th will be paid a $0.495 dividend. The ex-dividend date is Friday, August 15th. This represents a yield of 308.0%. HSBC's payout ratio is presently 39.21%.

Institutional Trading of HSBC

A number of hedge funds and other institutional investors have recently modified their holdings of HSBC. Fisher Asset Management LLC increased its holdings in shares of HSBC by 9.2% during the second quarter. Fisher Asset Management LLC now owns 17,043,371 shares of the financial services provider's stock worth $1,036,067,000 after purchasing an additional 1,430,797 shares during the period. Goldman Sachs Group Inc. raised its position in shares of HSBC by 1.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,726,420 shares of the financial services provider's stock valued at $271,438,000 after buying an additional 53,072 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of HSBC by 3.3% during the 1st quarter. Northern Trust Corp now owns 2,873,096 shares of the financial services provider's stock worth $165,002,000 after acquiring an additional 91,789 shares during the period. Contrarian Capital Management L.L.C. boosted its position in shares of HSBC by 425.4% during the 1st quarter. Contrarian Capital Management L.L.C. now owns 1,265,656 shares of the financial services provider's stock worth $72,687,000 after acquiring an additional 1,024,780 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in HSBC by 11.9% in the second quarter. American Century Companies Inc. now owns 1,143,382 shares of the financial services provider's stock valued at $69,506,000 after acquiring an additional 121,151 shares during the last quarter. Institutional investors and hedge funds own 1.48% of the company's stock.

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.

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