HSBC (NYSE:HSBC) Cut to “Neutral” at Exane BNP Paribas

Exane BNP Paribas downgraded shares of HSBC (NYSE:HSBC – Get Rating) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday, The Fly reports.

A number of other research analysts have also issued reports on HSBC. Royal Bank of Canada raised their target price on shares of HSBC from GBX 550 ($6.74) to GBX 590 ($7.23) in a research note on Friday, May 6th. JPMorgan Chase & Co. raised their price target on shares of HSBC from GBX 540 ($6.62) to GBX 550 ($6.74) in a research report on Thursday, May 19th. BNP Paribas lowered shares of HSBC from an outperform rating to a neutral rating in a research report on Tuesday. Credit Suisse Group raised their price target on shares of HSBC from GBX 525 ($6.43) to GBX 575 ($7.05) in a research report on Tuesday. Finally, StockNews.com upgraded shares of HSBC from a hold rating to a buy rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, HSBC currently has a consensus rating of Moderate Buy and an average price target of $609.86.

HSBC Stock Performance

NYSE:HSBC opened at $32.81 on Wednesday. HSBC has a 1 year low of $24.31 and a 1 year high of $38.61. The firm’s fifty day simple moving average is $32.08 and its 200 day simple moving average is $33.17. The company has a current ratio of 0.89, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $133.29 billion, a PE ratio of 9.79, a PEG ratio of 0.48 and a beta of 0.51.

HSBC Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Friday, August 19th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 5.49%. The ex-dividend date is Thursday, August 18th. HSBC’s dividend payout ratio is currently 37.02%.

Hedge Funds Weigh In On HSBC

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in HSBC by 229.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 826 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 575 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of HSBC by 276.7% in the second quarter. Hexagon Capital Partners LLC now owns 855 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 628 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in shares of HSBC by 352.4% in the first quarter. JFS Wealth Advisors LLC now owns 1,054 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 821 shares during the last quarter. Spire Wealth Management raised its stake in shares of HSBC by 74.6% in the second quarter. Spire Wealth Management now owns 1,170 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. Finally, Zions Bancorporation N.A. raised its stake in shares of HSBC by 31.3% in the second quarter. Zions Bancorporation N.A. now owns 1,312 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 313 shares during the last quarter. 1.14% of the stock is owned by institutional investors.

About HSBC

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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.