HSBC (NYSE:HSBC) Reaches New 52-Week High – Here’s Why
by Michael Walen · The Markets DailyHSBC Holdings plc (NYSE:HSBC – Get Free Report)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $90.50 and last traded at $90.2660, with a volume of 1721762 shares changing hands. The stock had previously closed at $89.29.
Analyst Ratings Changes
HSBC has been the topic of several recent analyst reports. Bank of America upgraded HSBC from a “neutral” rating to a “buy” rating in a research note on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of HSBC in a research report on Monday, December 29th. Keefe, Bruyette & Woods raised HSBC from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, December 17th. Citigroup reaffirmed a “buy” rating on shares of HSBC in a report on Friday, January 9th. Finally, Erste Group Bank raised shares of HSBC from a “hold” rating to a “buy” rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.
View Our Latest Research Report on HSBC
HSBC Stock Up 1.6%
The company’s 50-day moving average price is $80.19 and its 200 day moving average price is $72.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $311.52 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 0.96 and a beta of 0.52.
Institutional Investors Weigh In On HSBC
Hedge funds have recently modified their holdings of the business. Mather Group LLC. bought a new stake in HSBC during the 3rd quarter valued at approximately $25,000. NewSquare Capital LLC raised its position in shares of HSBC by 152.6% during the second quarter. NewSquare Capital LLC now owns 432 shares of the financial services provider’s stock valued at $26,000 after buying an additional 261 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of HSBC in the third quarter worth $26,000. Retirement Wealth Solutions LLC bought a new position in shares of HSBC during the third quarter worth $32,000. Finally, Binnacle Investments Inc grew its stake in 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 acquiring an additional 198 shares in the last quarter. Institutional investors own 1.48% of the company’s stock.
About HSBC
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.