Miracle Mile Advisors LLC Reduces Position in HSBC Holdings plc (NYSE:HSBC)

Miracle Mile Advisors LLC lowered its stake in HSBC Holdings plc (NYSE:HSBC) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,185 shares of the financial services provider’s stock after selling 2,327 shares during the quarter. Miracle Mile Advisors LLC’s holdings in HSBC were worth $991,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in HSBC. Dimensional Fund Advisors LP lifted its holdings in HSBC by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,621,349 shares of the financial services provider’s stock valued at $471,129,000 after acquiring an additional 376,641 shares during the period. Morgan Stanley grew its holdings in HSBC by 0.9% in the 3rd quarter. Morgan Stanley now owns 8,374,688 shares of the financial services provider’s stock valued at $330,465,000 after buying an additional 73,129 shares during the period. American Century Companies Inc. grew its holdings in HSBC by 39.4% in the 3rd quarter. American Century Companies Inc. now owns 698,250 shares of the financial services provider’s stock valued at $27,553,000 after buying an additional 197,283 shares during the period. Raymond James & Associates grew its holdings in shares of HSBC by 5.2% during the 4th quarter. Raymond James & Associates now owns 339,780 shares of the financial services provider’s stock worth $13,775,000 after purchasing an additional 16,725 shares during the period. Finally, QRG Capital Management Inc. lifted its position in HSBC by 48.0% during the 4th quarter. QRG Capital Management Inc. now owns 251,509 shares of the financial services provider’s stock worth $10,196,000 after acquiring an additional 81,567 shares in the last quarter. Institutional investors and hedge funds own 1.48% of the company’s stock.

HSBC Trading Up 0.7 %

Shares of NYSE HSBC traded up $0.31 during mid-day trading on Monday, hitting $43.81. 882,441 shares of the company traded hands, compared to its average volume of 1,961,676. The business has a 50 day moving average of $43.86 and a two-hundred day moving average of $40.98. The stock has a market capitalization of $164.33 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 1.04 and a beta of 0.58. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.51. HSBC Holdings plc has a 1 year low of $35.30 and a 1 year high of $45.46.

HSBC (NYSE:HSBC) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $1.70 earnings per share for the quarter. HSBC had a return on equity of 10.80% and a net margin of 16.13%. The firm had revenue of $20.75 billion during the quarter. On average, sell-side analysts anticipate that HSBC Holdings plc will post 6.35 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 21st. Stockholders of record on Friday, May 10th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.57%. HSBC’s payout ratio is currently 34.14%.

Analyst Ratings Changes

Separately, Barclays reaffirmed an “equal weight” rating on shares of HSBC in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $761.75.

About HSBC

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.