Gallacher Capital Management LLC Reduces Holdings in HSBC Holdings plc (NYSE:HSBC)

Gallacher Capital Management LLC reduced its holdings in shares of HSBC Holdings plc (NYSE:HSBC) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,456 shares of the financial services provider’s stock after selling 1,617 shares during the quarter. Gallacher Capital Management LLC’s holdings in HSBC were worth $254,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Syverson Strege & Co purchased a new position in HSBC during the 1st quarter valued at about $26,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of HSBC during the first quarter worth about $34,000. Column Capital Advisors LLC raised its position in shares of HSBC by 40.1% in the first quarter. Column Capital Advisors LLC now owns 1,006 shares of the financial services provider’s stock valued at $34,000 after buying an additional 288 shares during the last quarter. Fifth Third Bancorp raised its position in shares of HSBC by 286.7% in the first quarter. Fifth Third Bancorp now owns 1,102 shares of the financial services provider’s stock valued at $38,000 after buying an additional 817 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in shares of HSBC in the first quarter valued at approximately $42,000. 1.48% of the stock is currently owned by hedge funds and other institutional investors.

HSBC Trading Up 0.6 %

HSBC traded up $0.23 during trading on Friday, hitting $37.55. 1,519,263 shares of the company’s stock were exchanged, compared to its average volume of 1,985,178. The company has a current ratio of 0.90, a quick ratio of 0.98 and a debt-to-equity ratio of 0.57. HSBC Holdings plc has a 1 year low of $24.77 and a 1 year high of $42.47. The stock has a 50 day moving average price of $39.68 and a 200 day moving average price of $37.75. The firm has a market cap of $150.46 billion, a P/E ratio of 6.33, a price-to-earnings-growth ratio of 0.25 and a beta of 0.60.

HSBC (NYSE:HSBC) last released its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.20. HSBC had a net margin of 26.43% and a return on equity of 12.19%. The company had revenue of $16.71 billion during the quarter, compared to the consensus estimate of $15.87 billion. As a group, analysts expect that HSBC Holdings plc will post 7.07 EPS for the current fiscal year.

HSBC Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, August 11th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.00 annualized dividend and a yield of 5.33%. HSBC’s dividend payout ratio is currently 33.39%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HSBC. CICC Research raised shares of HSBC from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 14th. Berenberg Bank boosted their price objective on shares of HSBC from GBX 780 ($9.83) to GBX 820 ($10.34) in a research report on Thursday, August 3rd. StockNews.com began coverage on shares of HSBC in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Royal Bank of Canada boosted their price objective on shares of HSBC from GBX 800 ($10.08) to GBX 825 ($10.40) in a research report on Monday, August 14th. Finally, Morgan Stanley boosted their target price on shares of HSBC from GBX 675 ($8.51) to GBX 722 ($9.10) in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, HSBC presently has an average rating of “Moderate Buy” and an average target price of $746.20.

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.