Spectrum Asset Management Inc. cut its stake in HSBC Holdings plc (NYSE:HSBC) by 94.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,348 shares of the financial services provider’s stock after selling 339,026 shares during the period. HSBC accounts for approximately 0.3% of Spectrum Asset Management Inc.’s investment portfolio, making the stock its 6th largest holding. Spectrum Asset Management Inc.’s holdings in HSBC were worth $499,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of HSBC. Legal & General Group Plc acquired a new position in shares of HSBC during the third quarter valued at $71,000. Moody National Bank Trust Division increased its holdings in shares of HSBC by 5.8% during the fourth quarter. Moody National Bank Trust Division now owns 13,542 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 742 shares during the period. Camarda Financial Advisors LLC increased its holdings in shares of HSBC by 25,075.9% during the fourth quarter. Camarda Financial Advisors LLC now owns 49,093 shares of the financial services provider’s stock valued at $2,018,000 after purchasing an additional 48,898 shares during the period. Diversified Trust Co acquired a new position in shares of HSBC during the fourth quarter valued at $692,000. Finally, Fisher Asset Management LLC increased its holdings in shares of HSBC by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 16,098,264 shares of the financial services provider’s stock valued at $661,800,000 after purchasing an additional 371,662 shares during the period. 2.51% of the stock is currently owned by hedge funds and other institutional investors.
HSBC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reissued a “sell” rating on shares of HSBC in a report on Friday, March 8th. Deutsche Bank reissued a “sell” rating on shares of HSBC in a report on Friday, March 1st. Credit Suisse Group reissued a “hold” rating on shares of HSBC in a report on Friday, February 22nd. Zacks Investment Research lowered HSBC from a “strong-buy” rating to a “hold” rating in a report on Monday, February 11th. Finally, ValuEngine raised HSBC from a “sell” rating to a “hold” rating in a report on Tuesday, December 25th. Nine research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. HSBC has an average rating of “Sell” and an average target price of $43.80.
HSBC (NYSE:HSBC) last announced its earnings results on Tuesday, February 19th. The financial services provider reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.55). The company had revenue of $12.56 billion during the quarter, compared to analyst estimates of $13.90 billion. As a group, sell-side analysts predict that HSBC Holdings plc will post 3.71 EPS for the current fiscal year.
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HSBC Company Profile
HSBC Holdings plc provides banking and financial products and services. The company operates through Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking segments. The Retail Banking and Wealth Management segment offers personal banking products and services, mortgages and loans, credit cards, insurance and investment products, savings products, international services, and wealth solutions and financial planning services, as well as telephone, Internet, and mobile banking services.
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