HSBC (NYSE:HSBC) Hits New 52-Week High – Time to Buy?

by · The Cerbat Gem

HSBC Holdings plc (NYSE:HSBC – Get Free Report)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $75.92 and last traded at $75.3180, with a volume of 1852090 shares. The stock had previously closed at $74.99.

Analysts Set New Price Targets

HSBC has been the subject of several research analyst reports. Jefferies Financial Group restated a “hold” rating on shares of HSBC in a research report on Friday, October 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of HSBC in a report on Monday, December 8th. BNP Paribas raised HSBC from a “strong sell” rating to a “strong-buy” rating in a research note on Friday, September 5th. Bank of America raised HSBC from a “neutral” rating to a “buy” rating in a research note on Wednesday, December 10th. Finally, Zacks Research raised shares of HSBC from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Check Out Our Latest Analysis on HSBC

HSBC Stock Up 0.4%

The firm has a 50-day simple moving average of $70.04 and a 200 day simple moving average of $66.11. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $258.72 billion, a P/E ratio of 15.86, a P/E/G ratio of 0.94 and a beta of 0.52.

HSBC (NYSE:HSBC – Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.15. HSBC had a net margin of 12.85% and a return on equity of 12.78%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $16.78 billion. On average, equities research analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Friday, November 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from HSBC’s previous quarterly dividend of $0.50. HSBC’s payout ratio is currently 41.68%.

Hedge Funds Weigh In On HSBC

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fisher Asset Management LLC grew its holdings in HSBC by 2.1% during the 3rd quarter. Fisher Asset Management LLC now owns 17,398,460 shares of the financial services provider’s stock worth $1,234,943,000 after acquiring an additional 355,089 shares during the period. Dimensional Fund Advisors LP grew its stake in HSBC by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 10,575,644 shares of the financial services provider’s stock worth $750,659,000 after purchasing an additional 185,073 shares during the period. Goldman Sachs Group Inc. increased its holdings in 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 purchasing an additional 53,072 shares in the last quarter. Northern Trust Corp lifted its stake in HSBC by 4.7% in the third quarter. Northern Trust Corp now owns 3,045,134 shares of the financial services provider’s stock valued at $216,144,000 after buying an additional 136,342 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of HSBC by 14.7% during the 3rd quarter. American Century Companies Inc. now owns 1,311,820 shares of the financial services provider’s stock worth $93,113,000 after buying an additional 168,438 shares in the last quarter. Institutional investors and hedge funds own 1.48% of the company’s stock.

About HSBC

(Get Free Report)

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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