HSBC (NYSE:HSBC) Rating Increased to Buy at Bank of America

HSBC (NYSE:HSBC) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, MarketBeat reports.

Other equities analysts have also issued reports about the stock. BNP Paribas upgraded shares of HSBC from a “strong sell” rating to a “strong-buy” rating in a research report on Friday, September 5th. Citigroup reissued a “buy” rating on shares of HSBC in a report on Tuesday, October 21st. Zacks Research upgraded HSBC from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Jefferies Financial Group reissued a “hold” rating on shares of HSBC in a research note on Friday, October 10th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of HSBC in a research note on Monday. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

HSBC Price Performance

HSBC stock opened at $70.84 on Wednesday. The business has a 50 day simple moving average of $69.76 and a 200 day simple moving average of $65.67. 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 company has a market capitalization of $243.34 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. HSBC has a one year low of $45.66 and a one year high of $74.17.

HSBC (NYSE:HSBC) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.15. HSBC had a return on equity of 12.78% and a net margin of 12.85%.The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $16.78 billion. On average, sell-side analysts forecast that HSBC will post 6.66 EPS for the current fiscal year.

Hedge Funds Weigh In On HSBC

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its stake in HSBC by 14.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 299,463 shares of the financial services provider’s stock worth $17,198,000 after acquiring an additional 38,328 shares during the last quarter. Deutsche Bank AG increased its stake in HSBC by 18.1% in the first quarter. Deutsche Bank AG now owns 9,412 shares of the financial services provider’s stock valued at $541,000 after purchasing an additional 1,441 shares in the last quarter. National Bank of Canada FI raised its holdings in HSBC by 15.9% in the first quarter. National Bank of Canada FI now owns 18,061 shares of the financial services provider’s stock worth $1,037,000 after purchasing an additional 2,484 shares during the period. Townsquare Capital LLC grew its holdings in shares of HSBC by 4.6% in the 1st quarter. Townsquare Capital LLC now owns 22,477 shares of the financial services provider’s stock valued at $1,291,000 after buying an additional 988 shares during the period. Finally, HighTower Advisors LLC raised its stake in HSBC by 33.5% during the 1st quarter. HighTower Advisors LLC now owns 218,945 shares of the financial services provider’s stock worth $12,574,000 after buying an additional 54,966 shares during the period. 1.48% of the stock is currently owned by institutional investors and hedge funds.

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.