Cherokee Insurance Co Purchases New Holdings in HSBC Holdings plc $HSBC

Cherokee Insurance Co acquired a new position in HSBC Holdings plc (NYSE:HSBC) in the 2nd quarter, HoldingsChannel reports. The fund acquired 13,545 shares of the financial services provider’s stock, valued at approximately $823,000.

A number of other hedge funds have also recently modified their holdings of the business. NewSquare Capital LLC boosted its holdings in HSBC by 152.6% during the 2nd quarter. NewSquare Capital LLC now owns 432 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 261 shares during the period. TD Private Client Wealth LLC boosted its stake in shares of HSBC by 101.7% during the second quarter. TD Private Client Wealth LLC now owns 464 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 234 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of HSBC in the second quarter worth about $31,000. Raleigh Capital Management Inc. purchased a new position in HSBC in the 2nd quarter worth about $33,000. Finally, Ameritas Advisory Services LLC bought a new stake in HSBC during the 2nd quarter valued at about $39,000. Institutional investors own 1.48% of the company’s stock.

Analyst Upgrades and Downgrades

HSBC has been the topic of a number of research analyst reports. BNP Paribas upgraded shares of HSBC from a “strong sell” rating to a “strong-buy” rating in a research note on Friday, September 5th. Jefferies Financial Group reissued a “hold” rating on shares of HSBC in a research note on Friday, October 10th. Zacks Research upgraded HSBC from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Citigroup reissued a “buy” rating on shares of HSBC in a research report on Tuesday, October 21st. Finally, BNP Paribas Exane upgraded HSBC from an “underperform” rating to an “outperform” rating in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, HSBC has a consensus rating of “Moderate Buy” and an average target price of $63.00.

HSBC Stock Up 1.2%

Shares of NYSE HSBC opened at $73.43 on Thursday. HSBC Holdings plc has a 12-month low of $44.54 and a 12-month high of $73.66. The stock’s fifty day simple moving average is $69.04 and its two-hundred day simple moving average is $63.89. The stock has a market capitalization of $253.38 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 1.30 and a beta of 0.64. The company has a current ratio of 0.92, a quick ratio of 0.93 and a debt-to-equity ratio of 0.49.

HSBC (NYSE:HSBC) last issued its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.15. HSBC had a return on equity of 12.78% and a net margin of 12.85%.The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $16.78 billion. As a group, analysts expect that HSBC Holdings plc will post 6.66 EPS for the current fiscal year.

HSBC Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Friday, November 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 7th. This is an increase from HSBC’s previous quarterly dividend of $0.50. HSBC’s payout ratio is presently 41.68%.

HSBC Company 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.