Envestnet Asset Management Inc. Sells 73,710 Shares of HSBC Holdings plc (NYSE:HSBC)

Envestnet Asset Management Inc. cut its stake in shares of HSBC Holdings plc (NYSE:HSBC) by 14.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 431,427 shares of the financial services provider’s stock after selling 73,710 shares during the period. Envestnet Asset Management Inc.’s holdings in HSBC were worth $18,767,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Richardson Financial Services Inc. purchased a new position in HSBC during the fourth quarter valued at $27,000. Family Firm Inc. purchased a new position in HSBC during the second quarter valued at $36,000. Rise Advisors LLC purchased a new position in HSBC during the first quarter valued at $34,000. RFP Financial Group LLC lifted its position in HSBC by 126.1% during the first quarter. RFP Financial Group LLC now owns 1,031 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 575 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new position in HSBC during the second quarter valued at $47,000. 1.48% of the stock is currently owned by hedge funds and other institutional investors.

HSBC Price Performance

Shares of HSBC stock opened at $45.07 on Tuesday. The stock’s 50-day simple moving average is $43.14 and its 200-day simple moving average is $42.63. HSBC Holdings plc has a 52 week low of $35.30 and a 52 week high of $45.53. The company has a market capitalization of $169.05 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.94 and a beta of 0.56. The company has a quick ratio of 0.96, a current ratio of 0.89 and a debt-to-equity ratio of 0.65.

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

HSBC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.44%. HSBC’s dividend payout ratio is currently 34.14%.

Wall Street Analyst Weigh In

Separately, Dbs Bank upgraded HSBC to a “strong-buy” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, HSBC presently has a consensus rating of “Hold”.

HSBC Company 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.