Pzena Investment Management LLC Lowers Stock Holdings in HSBC Holdings plc (NYSE:HSBC)

Pzena Investment Management LLC trimmed its position in HSBC Holdings plc (NYSE:HSBC) by 2.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 17,777 shares of the financial services provider’s stock after selling 473 shares during the period. Pzena Investment Management LLC’s holdings in HSBC were worth $1,021,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HSBC. Northern Trust Corp raised its stake in HSBC by 52.0% in the fourth quarter. Northern Trust Corp now owns 2,781,307 shares of the financial services provider’s stock valued at $137,563,000 after purchasing an additional 951,050 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of HSBC by 7,061.5% in the 1st quarter. GAMMA Investing LLC now owns 559,311 shares of the financial services provider’s stock worth $321,210,000 after acquiring an additional 551,501 shares during the last quarter. FMR LLC lifted its holdings in shares of HSBC by 18.1% in the 4th quarter. FMR LLC now owns 2,883,238 shares of the financial services provider’s stock worth $142,605,000 after acquiring an additional 441,033 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of HSBC in the 4th quarter worth approximately $17,815,000. Finally, Contrarian Capital Management L.L.C. bought a new stake in shares of HSBC in the 4th quarter worth approximately $11,914,000. 1.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Bank of America restated a “neutral” rating and issued a $63.00 price objective on shares of HSBC in a report on Tuesday, June 3rd. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.00.

HSBC Stock Up 1.1%

Shares of HSBC stock opened at $63.26 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 0.93. HSBC Holdings plc has a 52-week low of $39.42 and a 52-week high of $63.28. The stock has a market capitalization of $220.85 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 1.97 and a beta of 0.57. The company’s 50 day moving average price is $59.97 and its 200-day moving average price is $56.08.

HSBC (NYSE:HSBC) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.35. HSBC had a net margin of 14.55% and a return on equity of 12.55%. The firm had revenue of $17.74 billion for the quarter, compared to analysts’ expectations of $16.60 billion. Equities research analysts forecast that HSBC Holdings plc will post 6.66 EPS for the current year.

HSBC Announces Dividend

The business also recently declared a dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 12th were issued a $0.495 dividend. This represents a yield of 3.5%. The ex-dividend date of this dividend was Friday, May 9th. HSBC’s dividend payout ratio (DPR) is currently 36.33%.

HSBC Profile

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.