Summit Securities Group LLC Sells 800 Shares of HSBC Holdings plc $HSBC

Summit Securities Group LLC decreased its position in HSBC Holdings plc (NYSE:HSBC) by 47.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 900 shares of the financial services provider’s stock after selling 800 shares during the period. Summit Securities Group LLC’s holdings in HSBC were worth $52,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in HSBC. CoreCap Advisors LLC grew its holdings in shares of HSBC by 342.9% in the fourth 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 last quarter. Wayfinding Financial LLC bought a new position in shares of HSBC in the first quarter worth approximately $30,000. Garde Capital Inc. bought a new position in shares of HSBC in the first quarter worth approximately $43,000. Bessemer Group Inc. grew its holdings in shares of HSBC by 51.0% in the first quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 292 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of HSBC by 32.1% in the first quarter. Larson Financial Group LLC now owns 1,024 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 249 shares during the last quarter. Institutional investors own 1.48% of the company’s stock.

HSBC Stock Performance

Shares of HSBC stock opened at $63.83 on Monday. The stock has a fifty day moving average of $61.88 and a 200 day moving average of $58.12. HSBC Holdings plc has a 52 week low of $42.38 and a 52 week high of $65.77. The firm has a market capitalization of $222.86 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.43 and a beta of 0.60. 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 quarterly earnings results on Wednesday, July 30th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.33. HSBC had a return on equity of 12.73% and a net margin of 13.48%. The company had revenue of $16.90 billion during the quarter, compared to analyst estimates of $16.64 billion. As a group, research analysts expect that HSBC Holdings plc will post 6.66 earnings per share for the current year.

HSBC Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, September 26th. Shareholders of record on Monday, August 18th will be given a dividend of $0.495 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a yield of 308.0%. HSBC’s dividend payout ratio (DPR) is currently 39.21%.

Analyst Ratings Changes

Separately, Bank of America reaffirmed a “neutral” rating and issued a $63.00 price target on shares of HSBC in a research note on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, HSBC currently has an average rating of “Hold” and an average target price of $63.00.

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.