Renaissance Technologies LLC Acquires 417,500 Shares of HSBC Holdings plc $HSBC

Renaissance Technologies LLC lifted its holdings in HSBC Holdings plc (NYSE:HSBC) by 391.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 524,122 shares of the financial services provider’s stock after purchasing an additional 417,500 shares during the period. Renaissance Technologies LLC’s holdings in HSBC were worth $43,235,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of HSBC. Transamerica Financial Advisors LLC grew its position in HSBC by 287.1% in the 4th quarter. Transamerica Financial Advisors LLC now owns 329 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 244 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of HSBC during the third quarter worth $26,000. Binnacle Investments Inc boosted its stake in shares of HSBC by 80.5% during the third quarter. Binnacle Investments Inc now owns 444 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 198 shares during the period. Whipplewood Advisors LLC bought a new position in shares of HSBC in the first quarter worth about $41,000. Finally, JPL Wealth Management LLC purchased a new position in HSBC in the 3rd quarter worth about $41,000. Hedge funds and other institutional investors own 1.48% of the company’s stock.

Insiders Place Their Bets

In other HSBC news, insider Daniel Scott Palomaki sold 23,123 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $18.11, for a total value of $418,757.53. Following the completion of the sale, the insider directly owned 4,973 shares in the company, valued at $90,061.03. This trade represents a 82.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.01% of the stock is currently owned by company insiders.

More HSBC News

Here are the key news stories impacting HSBC this week:

• Positive Sentiment: HSBC plans to hire more than 100 artificial-intelligence specialists and 100 wealth relationship managers in Singapore. The investment could accelerate automation, improve productivity and expand wealth-management revenue, a higher-margin business that supports the bank’s Asian growth strategy. Reuters article on HSBC hiring AI specialists and wealth managers
• Positive Sentiment: The bank is also tapping debt-capital-markets leaders across the United States and Middle East. The hires indicate an effort to capture more corporate-finance and bond-issuance activity, potentially boosting fee income. Bloomberg article on HSBC debt-capital-markets hires
• Neutral Sentiment: Blackstone’s credit arm is reportedly nearing a deal to acquire HSBC’s Australian loan book, valued at more than $30 billion. A sale could simplify HSBC’s portfolio and release capital for strategic priorities, but the financial terms, timing and effect on earnings have not been disclosed. Yahoo Finance report on Blackstone and HSBC Australian loan book
• Neutral Sentiment: HSBC is reportedly raising mortgage rates in the United Kingdom for the second time in a week. Higher rates may support lending margins, but could reduce mortgage demand and increase pressure on customers and competitors. Report on HSBC increasing mortgage rates

HSBC Price Performance

Shares of HSBC stock opened at $103.96 on Tuesday. The stock’s 50-day moving average is $95.51 and its 200 day moving average is $89.63. HSBC Holdings plc has a 1-year low of $60.61 and a 1-year high of $104.33. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $357.27 billion, a P/E ratio of 17.04, a PEG ratio of 0.92 and a beta of 0.57.

HSBC (NYSE:HSBC) last released its quarterly earnings results on Tuesday, March 31st. The financial services provider reported $0.44 EPS for the quarter. HSBC had a net margin of 16.06% and a return on equity of 13.35%. The business had revenue of $19.12 billion during the quarter. Research analysts predict that HSBC Holdings plc will post 8.66 earnings per share for the current fiscal year.

HSBC Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, May 15th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. HSBC’s dividend payout ratio is presently 32.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Zacks Research lowered shares of HSBC from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. BNP Paribas Exane lowered shares of HSBC from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 14th. Erste Group Bank downgraded shares of HSBC from a “buy” rating to a “hold” rating in a research note on Wednesday, July 15th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of HSBC in a report on Thursday, May 14th. Finally, Weiss Ratings cut HSBC from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold”.

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.