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

Miracle Mile Advisors LLC reduced its holdings in shares of HSBC Holdings plc (NYSE:HSBC) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,805 shares of the financial services provider’s stock after selling 977 shares during the period. Miracle Mile Advisors LLC’s holdings in HSBC were worth $1,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Drive Wealth Management LLC lifted its holdings in HSBC by 4.5% during the second quarter. Drive Wealth Management LLC now owns 6,364 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 273 shares in the last quarter. Crumly & Associates Inc. lifted its stake in shares of HSBC by 1.8% during the 2nd quarter. Crumly & Associates Inc. now owns 15,970 shares of the financial services provider’s stock valued at $695,000 after buying an additional 287 shares in the last quarter. PDS Planning Inc boosted its holdings in HSBC by 2.4% in the 1st quarter. PDS Planning Inc now owns 13,335 shares of the financial services provider’s stock worth $525,000 after buying an additional 312 shares during the period. 180 Wealth Advisors LLC raised its holdings in HSBC by 5.9% during the second quarter. 180 Wealth Advisors LLC now owns 6,036 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 338 shares during the period. Finally, Lester Murray Antman dba SimplyRich lifted its position in shares of HSBC by 5.7% in the first quarter. Lester Murray Antman dba SimplyRich now owns 6,507 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 1.48% of the company’s stock.

HSBC Price Performance

Shares of HSBC stock opened at $43.92 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.96 and a debt-to-equity ratio of 0.65. HSBC Holdings plc has a 12 month low of $35.30 and a 12 month high of $46.07. The stock has a 50 day moving average of $43.56 and a 200 day moving average of $43.13. The firm has a market cap of $164.74 billion, a PE ratio of 7.57, a PEG ratio of 0.98 and a beta of 0.56.

HSBC (NYSE:HSBC) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $1.65 earnings per share for the quarter. HSBC had a net margin of 15.61% and a return on equity of 10.60%. The firm had revenue of $16.54 billion for the quarter. On average, research analysts expect that HSBC Holdings plc will post 5.74 EPS for the current fiscal year.

HSBC Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $2.00 dividend on an annualized basis and a yield of 4.55%. HSBC’s dividend payout ratio is presently 34.14%.

Analyst Ratings Changes

Separately, Dbs Bank raised shares of HSBC to a “strong-buy” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, HSBC has an average rating of “Hold”.

HSBC Profile

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.