Franklin Resources Inc. Cuts Holdings in HSBC Holdings plc (HSBC)
Franklin Resources Inc. reduced its stake in shares of HSBC Holdings plc (NYSE:HSBC) by 7.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,167,325 shares of the financial services provider’s stock after selling 98,002 shares during the period. Franklin Resources Inc.’s holdings in HSBC were worth $51,351,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of HSBC. Integrated Investment Consultants LLC acquired a new position in shares of HSBC during the 2nd quarter worth approximately $131,000. First Hawaiian Bank acquired a new position in shares of HSBC during the 3rd quarter worth approximately $168,000. Hilltop Holdings Inc. acquired a new position in shares of HSBC during the 2nd quarter worth approximately $214,000. New England Asset Management Inc. acquired a new position in shares of HSBC during the 2nd quarter worth approximately $228,000. Finally, Cozad Asset Management Inc. acquired a new position in shares of HSBC during the 2nd quarter worth approximately $295,000. Institutional investors and hedge funds own 2.53% of the company’s stock.
HSBC opened at $40.85 on Friday. HSBC Holdings plc has a one year low of $38.23 and a one year high of $55.89. The company has a market capitalization of $163.45 billion, a P/E ratio of 20.61, a price-to-earnings-growth ratio of 1.23 and a beta of 0.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.96 and a current ratio of 0.96.
A number of research firms recently commented on HSBC. Zacks Investment Research reiterated a “hold” rating on shares of HSBC in a report on Tuesday, November 13th. Royal Bank of Canada cut HSBC from a “sector perform” rating to an “underperform” rating in a report on Tuesday, October 23rd. Citigroup cut HSBC from a “buy” rating to a “neutral” rating in a report on Monday, October 22nd. Credit Suisse Group upgraded HSBC from an “underperform” rating to a “neutral” rating in a report on Thursday, September 20th. Finally, Keefe, Bruyette & Woods upgraded HSBC from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 11th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold”.
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HSBC Holdings plc provides banking and financial products and services. The company operates through Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking segments. The Retail Banking and Wealth Management segment offers personal banking products and services, mortgages and loans, credit cards, insurance and investment products, savings products, international services, and wealth solutions and financial planning services, as well as telephone, Internet, and mobile banking services.
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