HSBC Holdings plc $HSBC is Contrarian Capital Management L.L.C.’s 2nd Largest Position

Contrarian Capital Management L.L.C. boosted its stake in HSBC Holdings plc (NYSE:HSBC) by 425.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,265,656 shares of the financial services provider’s stock after purchasing an additional 1,024,780 shares during the quarter. HSBC comprises approximately 18.7% of Contrarian Capital Management L.L.C.’s holdings, making the stock its 2nd largest holding. Contrarian Capital Management L.L.C.’s holdings in HSBC were worth $72,687,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. CoreCap Advisors LLC grew its position in HSBC by 342.9% in the fourth quarter. CoreCap Advisors LLC now owns 589 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 456 shares in the last quarter. Wayfinding Financial LLC purchased a new position in HSBC in the first quarter worth about $30,000. Garde Capital Inc. purchased a new position in HSBC in the first quarter worth about $43,000. Elequin Capital LP grew its position in HSBC by 282.2% in the first quarter. Elequin Capital LP now owns 772 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 570 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in HSBC by 51.0% in the first quarter. Bessemer Group Inc. now owns 864 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 292 shares in the last quarter. 1.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Bank of America reiterated a “neutral” rating and issued a $63.00 price target on shares of HSBC in a report on Tuesday, June 3rd. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, HSBC currently has a consensus rating of “Hold” and a consensus price target of $63.00.

HSBC Stock Performance

Shares of HSBC stock opened at $65.45 on Wednesday. The business’s fifty day simple moving average is $62.63 and its 200-day simple moving average is $58.69. The company has a market cap of $228.50 billion, a PE ratio of 12.96, a PEG ratio of 1.46 and a beta of 0.60. The company has a current ratio of 0.86, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. HSBC Holdings plc has a 12-month low of $42.38 and a 12-month high of $66.05.

HSBC (NYSE:HSBC) last released its earnings results on Wednesday, July 30th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.33. HSBC had a return on equity of 12.73% and a net margin of 13.48%.The firm had revenue of $16.90 billion for the quarter, compared to the consensus estimate of $16.64 billion. Analysts expect that HSBC Holdings plc will post 6.66 earnings per share for the current fiscal year.

HSBC Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, September 26th. Investors of record on Monday, August 18th will be given a $0.495 dividend. This represents a dividend yield of 308.0%. The ex-dividend date of this dividend is Friday, August 15th. HSBC’s dividend payout ratio is presently 39.21%.

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.