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

Shares of HSBC Holdings plc (NYSE:HSBC - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $62.00 and last traded at $61.81, with a volume of 478138 shares trading hands. The stock had previously closed at $61.57.

Analysts Set New Price Targets

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

HSBC Price Performance

The company has a market cap of $220.29 billion, a P/E ratio of 11.49, a P/E/G ratio of 1.94 and a beta of 0.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 0.93. The firm's fifty day moving average is $59.24 and its two-hundred day moving average is $55.54.

HSBC (NYSE:HSBC - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.60 by $0.35. HSBC had a net margin of 14.55% and a return on equity of 12.55%. The business had revenue of $17.74 billion during the quarter, compared to the consensus estimate of $16.60 billion. As a group, analysts anticipate 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 dividend, which was paid on Friday, June 20th. Shareholders of record on Monday, May 12th were issued a dividend of $0.495 per share. This represents a dividend yield of 3.5%. The ex-dividend date was Friday, May 9th. HSBC's dividend payout ratio (DPR) is presently 36.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HSBC. Wayfinding Financial LLC purchased a new stake in shares of HSBC during the 1st quarter valued at about $30,000. CoreCap Advisors LLC raised 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 valued at $29,000 after buying an additional 456 shares in the last quarter. Garde Capital Inc. purchased a new stake in shares of HSBC during the 1st quarter valued at about $43,000. Elequin Capital LP raised its position in shares of HSBC by 282.2% during the 1st quarter. Elequin Capital LP now owns 772 shares of the financial services provider's stock valued at $44,000 after buying an additional 570 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in shares of HSBC by 51.0% during the 1st quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock valued at $50,000 after buying an additional 292 shares in the last quarter. 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.