Envestnet Portfolio Solutions Inc. Decreases Stake in HSBC Holdings plc $HSBC

Envestnet Portfolio Solutions Inc. lowered its holdings in HSBC Holdings plc (NYSE:HSBC) by 16.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,694 shares of the financial services provider’s stock after selling 1,461 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in HSBC were worth $468,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in shares of HSBC by 1.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,726,420 shares of the financial services provider’s stock worth $271,438,000 after acquiring an additional 53,072 shares during the period. Northern Trust Corp increased its stake in shares of HSBC by 3.3% in the first 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. increased its stake in shares of HSBC by 425.4% in the first 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 during the period. Royal Bank of Canada increased its stake in shares of HSBC by 18.7% in the first quarter. Royal Bank of Canada now owns 1,047,447 shares of the financial services provider’s stock worth $60,155,000 after acquiring an additional 164,915 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of HSBC by 9.1% in the first quarter. American Century Companies Inc. now owns 1,022,231 shares of the financial services provider’s stock worth $58,707,000 after acquiring an additional 85,166 shares during the period. Institutional investors and hedge funds own 1.48% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on HSBC. BNP Paribas upgraded shares of HSBC from a “strong sell” rating to a “strong-buy” rating in a research report on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of HSBC in a research report on Wednesday, October 8th. Citigroup restated a “buy” rating on shares of HSBC in a research report on Tuesday. Zacks Research lowered shares of HSBC from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Jefferies Financial Group restated a “hold” rating on shares of HSBC in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, HSBC currently has an average rating of “Hold” and a consensus price target of $63.00.

HSBC Stock Up 0.6%

Shares of NYSE HSBC opened at $66.05 on Wednesday. The company’s 50-day simple moving average is $67.36 and its 200-day simple moving average is $61.73. HSBC Holdings plc has a 52-week low of $43.97 and a 52-week high of $72.21. The firm has a market cap of $227.92 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.74 and a beta of 0.62. The company has a quick ratio of 0.93, a current ratio of 0.86 and a debt-to-equity ratio of 0.65.

HSBC (NYSE:HSBC) last announced its earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.33. HSBC had a net margin of 13.48% and a return on equity of 12.73%. The business had revenue of $16.90 billion for the quarter, compared to analyst estimates of $16.64 billion. Equities analysts predict that HSBC Holdings plc will post 6.66 EPS for the current fiscal year.

HSBC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, August 15th were given a $0.495 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.98 annualized dividend and a dividend yield of 3.0%. HSBC’s dividend payout ratio (DPR) is 39.21%.

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.