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

Envestnet Asset Management Inc. reduced its stake in shares of HSBC Holdings plc (NYSE:HSBC) by 14.6% during the 2nd quarter, HoldingsChannel reports. The fund 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 large investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new position in shares of HSBC during the fourth quarter valued at approximately $27,000. Rise Advisors LLC bought a new position in shares of HSBC during the first quarter valued at approximately $34,000. Family Firm Inc. bought a new position in shares of HSBC during the second quarter valued at approximately $36,000. RFP Financial Group LLC grew its stake in shares of 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 buying an additional 575 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new position in shares of HSBC during the second quarter valued at approximately $47,000. 1.48% of the stock is owned by institutional investors.

HSBC Stock Up 2.0 %

Shares of NYSE:HSBC opened at $45.07 on Tuesday. HSBC Holdings plc has a 52-week low of $35.30 and a 52-week high of $45.53. The stock has a market cap of $169.05 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 0.94 and a beta of 0.56. The business’s 50 day moving average is $43.14 and its 200 day moving average is $42.63. 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 announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $1.65 earnings per share (EPS) for the quarter. HSBC had a return on equity of 10.60% and a net margin of 15.61%. The company had revenue of $16.54 billion for the quarter. Sell-side analysts predict that HSBC Holdings plc will post 5.74 EPS for the current year.

HSBC Announces Dividend

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

Analyst Ratings Changes

Separately, Dbs Bank raised HSBC to a “strong-buy” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock 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.