Cornerstone Advisors Inc. Trims Stock Position in HSBC Holdings plc (NYSE:HSBC)

Cornerstone Advisors Inc. lessened its holdings in shares of HSBC Holdings plc (NYSE:HSBC) by 49.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,148 shares of the financial services provider’s stock after selling 2,069 shares during the period. Cornerstone Advisors Inc.’s holdings in HSBC were worth $50,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in HSBC by 112.9% in the first quarter. JPMorgan Chase & Co. now owns 5,843,839 shares of the financial services provider’s stock valued at $163,686,000 after buying an additional 3,098,634 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in HSBC by 13.7% in the first quarter. Parametric Portfolio Associates LLC now owns 2,951,448 shares of the financial services provider’s stock valued at $82,670,000 after buying an additional 356,597 shares in the last quarter. Geode Capital Management LLC increased its holdings in HSBC by 2.7% in the first quarter. Geode Capital Management LLC now owns 543,680 shares of the financial services provider’s stock valued at $15,228,000 after buying an additional 14,381 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in HSBC in the first quarter valued at $14,812,000. Finally, Crossmark Global Holdings Inc. increased its holdings in HSBC by 4.4% in the first quarter. Crossmark Global Holdings Inc. now owns 299,927 shares of the financial services provider’s stock valued at $8,401,000 after buying an additional 12,655 shares in the last quarter. 1.67% of the stock is owned by hedge funds and other institutional investors.

HSBC opened at $22.65 on Friday. The firm has a market capitalization of $92.71 billion, a PE ratio of 25.17, a PEG ratio of 0.86 and a beta of 0.60. HSBC Holdings plc has a twelve month low of $22.34 and a twelve month high of $40.38. The firm’s 50-day moving average price is $23.74 and its 200 day moving average price is $28.55. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.50.

HSBC (NYSE:HSBC) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.22). The business had revenue of $13.33 billion for the quarter. HSBC had a return on equity of 5.87% and a net margin of 6.54%. As a group, analysts predict that HSBC Holdings plc will post 1.73 earnings per share for the current fiscal year.

A number of research analysts have weighed in on the stock. Goldman Sachs Group cut shares of HSBC from a “conviction-buy” rating to a “buy” rating in a report on Tuesday, July 14th. Deutsche Bank initiated coverage on shares of HSBC in a report on Tuesday, July 14th. They issued a “sell” rating for the company. Jefferies Financial Group lowered shares of HSBC from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Berenberg Bank upgraded shares of HSBC from a “sell” rating to a “hold” rating in a research report on Thursday, May 14th. Finally, Investec upgraded shares of HSBC from a “hold” rating to a “buy” rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. HSBC presently has an average rating of “Hold” and a consensus target price of $33.00.

HSBC 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.

See Also: What is the price-sales ratio?

Want to see what other hedge funds are holding HSBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HSBC Holdings plc (NYSE:HSBC).

Institutional Ownership by Quarter for HSBC (NYSE:HSBC)

Receive News & Ratings for HSBC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HSBC and related companies with MarketBeat.com's FREE daily email newsletter.