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

HSBC Holdings plc (NYSE:HSBC - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

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

HSBC Stock Performance

The stock's 50-day simple moving average is $59.39 and its 200 day simple moving average is $55.63. 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 company has a market capitalization of $216.83 billion, a PE ratio of 11.32, a P/E/G ratio of 1.95 and a beta of 0.57.

HSBC (NYSE:HSBC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.35. HSBC had a net margin of 14.55% and a return on equity of 12.55%. The company had revenue of $17.74 billion for the quarter, compared to the consensus estimate of $16.60 billion. As a group, research analysts expect that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 12th were given a $0.495 dividend. This represents a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, May 9th. HSBC's dividend payout ratio (DPR) is 36.33%.

Institutional Trading of HSBC

Large investors have recently bought and sold shares of the business. Wayfinding Financial LLC acquired a new stake in HSBC during the 1st quarter worth $30,000. CoreCap Advisors LLC boosted its stake in 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 period. Garde Capital Inc. acquired a new stake in HSBC in the first quarter valued at about $43,000. Elequin Capital LP lifted its position in HSBC by 282.2% in the first quarter. Elequin Capital LP now owns 772 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 570 shares during the period. Finally, Bessemer Group Inc. lifted its position in HSBC by 51.0% in the first quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 292 shares during the period. Institutional investors and hedge funds own 1.48% of the company's stock.

HSBC Company Profile

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.