Truist Financial Corp cut its position in shares of HSBC Holdings plc (NYSE:HSBC – Get Rating) by 10.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,794 shares of the financial services provider’s stock after selling 1,697 shares during the quarter. Truist Financial Corp’s holdings in HSBC were worth $386,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in HSBC. Goldman Sachs Group Inc. boosted its holdings in HSBC by 62.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,738,851 shares of the financial services provider’s stock worth $127,944,000 after purchasing an additional 1,443,765 shares during the last quarter. Bank of Montreal Can boosted its holdings in HSBC by 589.5% during the second quarter. Bank of Montreal Can now owns 1,545,642 shares of the financial services provider’s stock worth $51,346,000 after purchasing an additional 1,321,468 shares during the last quarter. Castle Hook Partners LP purchased a new position in HSBC during the first quarter worth about $10,465,000. Meritage Portfolio Management purchased a new position in HSBC in the third quarter valued at about $6,797,000. Finally, BlackRock Inc. boosted its stake in HSBC by 14.2% in the first quarter. BlackRock Inc. now owns 1,676,933 shares of the financial services provider’s stock valued at $57,385,000 after acquiring an additional 208,393 shares during the last quarter. 1.26% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have weighed in on HSBC shares. Exane BNP Paribas upgraded shares of HSBC from an “underperform” rating to a “neutral” rating in a research note on Wednesday, October 26th. StockNews.com cut shares of HSBC from a “buy” rating to a “hold” rating in a research note on Saturday, October 29th. JPMorgan Chase & Co. boosted their target price on shares of HSBC from GBX 530 ($6.56) to GBX 570 ($7.06) in a research note on Tuesday, December 6th. Deutsche Bank Aktiengesellschaft upgraded shares of HSBC from a “hold” rating to a “buy” rating in a research note on Monday, January 16th. Finally, Jefferies Financial Group upgraded shares of HSBC from a “hold” rating to a “buy” rating in a research note on Thursday, January 5th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, HSBC currently has a consensus rating of “Moderate Buy” and a consensus target price of $617.67.
HSBC Stock Performance
HSBC (NYSE:HSBC – Get Rating) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.60). The company had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $13.80 billion. HSBC had a return on equity of 6.04% and a net margin of 24.55%. As a group, analysts expect that HSBC Holdings plc will post 3.68 earnings per share for the current fiscal year.
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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