HSBC (NYSE:HSBC) Reaches New 12-Month High - Here's Why

Shares of HSBC Holdings plc (NYSE:HSBC - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $62.99 and last traded at $62.93, with a volume of 595528 shares. The stock had previously closed at $62.54.

Analyst Upgrades and Downgrades

Separately, Bank of America reissued a "neutral" rating and issued a $63.00 price objective on shares of HSBC in a research report on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $63.00.

HSBC Stock Up 1.1%

The business's 50 day simple moving average is $59.84 and its 200 day simple moving average is $55.99. The company has a market capitalization of $220.85 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 1.94 and a beta of 0.57. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.51.

HSBC (NYSE:HSBC - Get Free Report) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.60 by $0.35. The business had revenue of $17.74 billion during the quarter, compared to analysts' expectations of $16.60 billion. HSBC had a return on equity of 12.55% and a net margin of 14.55%. As a group, analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 12th were issued a dividend of $0.495 per share. The ex-dividend date was Friday, May 9th. This represents a dividend yield of 3.5%. HSBC's dividend payout ratio is 36.33%.

Hedge Funds Weigh In On HSBC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC increased its holdings in shares of HSBC by 101.7% during the 2nd quarter. TD Private Client Wealth LLC now owns 464 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 234 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of HSBC by 342.9% during the 4th quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider's stock worth $29,000 after purchasing an additional 456 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in HSBC in the 1st quarter valued at approximately $30,000. Opal Wealth Advisors LLC bought a new position in HSBC in the 2nd quarter worth approximately $31,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of HSBC in the second quarter worth $33,000. Institutional investors 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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