HSBC Holdings PLC (HSBC) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of HSBC Holdings PLC (NYSE:HSBC) from a hold rating to a buy rating in a report issued on Monday morning. They currently have $54.00 target price on the financial services provider’s stock.
According to Zacks, “Shares of HSBC have outperformed the industry in the last six months. Continued success of its cost saving efforts should improve the bank’s operating efficiency and support profitability. While dismal European economic growth and weak loan demand are expected to lead to muted revenue growth, the company will likely benefit from its extensive global network and a solid asset growth. The announcement of $2 billion share repurchase plan reflects its strong capital position and boosts investors’ confidence in the stock.”
Other analysts have also issued reports about the company. BidaskClub raised HSBC Holdings PLC from a hold rating to a buy rating in a report on Friday, June 30th. Berenberg Bank lowered HSBC Holdings PLC from a buy rating to a hold rating in a report on Wednesday, July 5th. Finally, Morgan Stanley raised HSBC Holdings PLC from an equal weight rating to an overweight rating in a report on Wednesday, June 28th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $36.00.
Shares of HSBC Holdings PLC (NYSE:HSBC) opened at 47.58 on Monday. HSBC Holdings PLC has a 1-year low of $36.79 and a 1-year high of $50.86. The firm has a market cap of $192.88 billion, a P/E ratio of 97.10 and a beta of 0.88. The firm’s 50-day moving average is $48.51 and its 200-day moving average is $44.19.
HSBC Holdings PLC (NYSE:HSBC) last released its earnings results on Monday, July 31st. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.08. The company had revenue of $13.17 billion for the quarter. HSBC Holdings PLC had a return on equity of 2.08% and a net margin of 1.42%. On average, analysts anticipate that HSBC Holdings PLC will post $2.95 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Friday, August 4th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.20%. The ex-dividend date is Wednesday, August 2nd. HSBC Holdings PLC’s dividend payout ratio (DPR) is presently 400.01%.
A number of large investors have recently added to or reduced their stakes in HSBC. Advisors Asset Management Inc. boosted its stake in HSBC Holdings PLC by 2.6% in the first quarter. Advisors Asset Management Inc. now owns 53,796 shares of the financial services provider’s stock valued at $2,196,000 after buying an additional 1,363 shares in the last quarter. Capital Fund Management S.A. acquired a new stake in HSBC Holdings PLC in the first quarter valued at about $927,000. Suntrust Banks Inc. boosted its stake in HSBC Holdings PLC by 13.1% in the first quarter. Suntrust Banks Inc. now owns 39,852 shares of the financial services provider’s stock valued at $1,625,000 after buying an additional 4,611 shares in the last quarter. Main Street Research LLC acquired a new stake in HSBC Holdings PLC in the first quarter valued at about $8,355,000. Finally, Teza Capital Management LLC acquired a new stake in HSBC Holdings PLC in the first quarter valued at about $327,000. 2.23% of the stock is currently owned by institutional investors and hedge funds.
About HSBC Holdings PLC
HSBC Holdings plc (HSBC) is the banking and financial services company. The Company manages its products and services through four businesses: Retail Banking and Wealth Management (RBWM), Commercial Banking (CMB), Global Banking and Markets (GB&M), and Global Private Banking (GPB). It operates across various geographical regions, which include Europe, Asia, Middle East and North Africa, North America and Latin America.
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