JPMorgan Chase & Co. Reduces Position in HSBC Holdings plc (NYSE:HSBC)

JPMorgan Chase & Co. cut its holdings in shares of HSBC Holdings plc (NYSE:HSBCGet Rating) by 3.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,305,759 shares of the financial services provider’s stock after selling 86,835 shares during the quarter. JPMorgan Chase & Co.’s holdings in HSBC were worth $75,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Park Avenue Securities LLC purchased a new position in HSBC in the first quarter worth about $314,000. Steward Partners Investment Advisory LLC boosted its position in HSBC by 49.4% in the first quarter. Steward Partners Investment Advisory LLC now owns 2,806 shares of the financial services provider’s stock worth $96,000 after purchasing an additional 928 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in HSBC by 141.2% in the first quarter. Envestnet Asset Management Inc. now owns 182,734 shares of the financial services provider’s stock worth $6,253,000 after purchasing an additional 106,979 shares during the last quarter. Advisor Group Holdings Inc. boosted its position in HSBC by 20.9% in the first quarter. Advisor Group Holdings Inc. now owns 32,190 shares of the financial services provider’s stock worth $1,090,000 after purchasing an additional 5,569 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in HSBC by 18.3% in the first quarter. Janney Montgomery Scott LLC now owns 32,448 shares of the financial services provider’s stock worth $1,110,000 after purchasing an additional 5,028 shares during the last quarter. 1.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays raised their target price on HSBC from GBX 720 ($8.51) to GBX 780 ($9.22) in a research report on Tuesday, August 2nd. Redburn Partners cut HSBC from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 17th. Credit Suisse Group lowered their price objective on HSBC from GBX 590 ($6.98) to GBX 585 ($6.92) in a research report on Wednesday, October 26th. Exane BNP Paribas raised HSBC from an “underperform” rating to a “neutral” rating in a research report on Wednesday, October 26th. Finally, The Goldman Sachs Group cut HSBC from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $613.22.

HSBC Price Performance

Shares of HSBC stock opened at $29.47 on Thursday. HSBC Holdings plc has a twelve month low of $24.77 and a twelve month high of $38.61. The stock has a market capitalization of $119.72 billion, a price-to-earnings ratio of 9.89, a P/E/G ratio of 0.37 and a beta of 0.55. The stock has a fifty day simple moving average of $27.36 and a two-hundred day simple moving average of $30.26. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47.

About HSBC

(Get Rating)

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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Institutional Ownership by Quarter for HSBC (NYSE:HSBC)

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