HSBC (NYSE:HSBC) Hits New 52-Week High – What’s Next?

HSBC Holdings plc (NYSE:HSBC)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $85.39 and last traded at $85.19, with a volume of 1268021 shares traded. The stock had previously closed at $83.94.

Analyst Ratings Changes

HSBC has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of HSBC in a report on Monday, December 29th. Keefe, Bruyette & Woods raised shares of HSBC from a “hold” rating to a “moderate buy” rating in a report on Wednesday, December 17th. Jefferies Financial Group reiterated a “hold” rating on shares of HSBC in a research report on Friday, October 10th. Citigroup restated a “buy” rating on shares of HSBC in a research note on Friday, January 9th. Finally, Bank of America upgraded HSBC from a “neutral” rating to a “buy” rating in a research report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, HSBC presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

HSBC Stock Down 1.6%

The stock has a 50-day simple moving average of $77.52 and a two-hundred day simple moving average of $70.71. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a market cap of $299.21 billion, a PE ratio of 18.34, a P/E/G ratio of 1.03 and a beta of 0.52.

HSBC (NYSE:HSBC) last announced its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.15. The company had revenue of $17.79 billion for the quarter, compared to analysts’ expectations of $16.78 billion. HSBC had a return on equity of 12.78% and a net margin of 12.85%. Analysts expect that HSBC Holdings plc will post 6.66 earnings per share for the current year.

Hedge Funds Weigh In On HSBC

A number of large investors have recently added to or reduced their stakes in HSBC. Diversified Enterprises LLC purchased a new stake in HSBC during the fourth quarter valued at about $200,000. Legacy Capital Group California Inc. grew its position in HSBC by 3.9% during the 4th quarter. Legacy Capital Group California Inc. now owns 12,384 shares of the financial services provider’s stock worth $974,000 after acquiring an additional 463 shares during the last quarter. HB Wealth Management LLC increased its stake in HSBC by 10.4% in the 4th quarter. HB Wealth Management LLC now owns 12,357 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 1,168 shares during the period. Caprock Group LLC boosted its stake in shares of HSBC by 9.8% during the fourth quarter. Caprock Group LLC now owns 65,429 shares of the financial services provider’s stock valued at $5,147,000 after purchasing an additional 5,860 shares during the period. Finally, Salomon & Ludwin LLC grew its holdings in shares of HSBC by 12.5% in the fourth quarter. Salomon & Ludwin LLC now owns 1,418 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 1.48% of the company’s stock.

HSBC Company Profile

HSBC Holdings plc (NYSE: HSBC) is a multinational banking and financial services organization headquartered in London. It traces its origins to the Hongkong and Shanghai Banking Corporation, founded in 1865 to facilitate trade between Europe and Asia, and has since grown into one of the world’s largest banking groups. The company is publicly listed in multiple markets, including the London Stock Exchange, the Hong Kong Stock Exchange and as an American depositary receipt on the New York Stock Exchange.

HSBC operates a universal banking model, serving retail, commercial, corporate and institutional clients.