HSBC (NYSE:HSBC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Friday, Zacks.com reports. The brokerage currently has a $24.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 5.96% from the stock’s current price.

According to Zacks, “Shares of HSBC have underperformed the industry on the NYSE so far this year. Its earnings have not surpassed the Zacks Consensus Estimate in any of the trailing four quarters. While the company’s initiatives to improve market share in the U.K. and China are likely to support financials over the long term, these efforts are expected to increase costs. Moreover, economic slowdown in Europe, low interest rate environment across the globe, and weak loan demand are expected to hamper growth. However, the company’s strong capital position bodes well in an uncertain macro-environment. Furthermore, the company’s initiatives to strengthen digital capabilities globally and improve operating efficiency through restructuring efforts will support profits. Also, the company’s extensive global network enables it to attract clients.”

Other equities analysts also recently issued research reports about the company. Goldman Sachs Group downgraded HSBC from a “conviction-buy” rating to a “buy” rating in a report on Tuesday, July 14th. UBS Group restated a “neutral” rating on shares of HSBC in a report on Friday, July 10th. Barclays restated an “underweight” rating on shares of HSBC in a report on Tuesday, May 5th. Berenberg Bank upgraded HSBC from a “sell” rating to a “hold” rating in a report on Thursday, May 14th. Finally, Investec upgraded HSBC from a “hold” rating to a “buy” rating in a report on Wednesday. Ten investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $33.00.

Shares of NYSE:HSBC traded down $0.11 during trading on Friday, reaching $22.65. 5,842,836 shares of the company traded hands, compared to its average volume of 3,324,399. The firm has a market capitalization of $92.26 billion, a price-to-earnings ratio of 25.17, a P/E/G ratio of 0.86 and a beta of 0.60. HSBC has a 52-week low of $22.34 and a 52-week high of $40.38. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average is $23.74 and its 200-day moving average is $28.55.

Institutional investors have recently added to or reduced their stakes in the stock. Altium Wealth Management LLC boosted its holdings in shares of HSBC by 26.6% in the 2nd quarter. Altium Wealth Management LLC now owns 13,080 shares of the financial services provider’s stock worth $305,000 after purchasing an additional 2,750 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of HSBC by 25.9% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 27,618 shares of the financial services provider’s stock worth $644,000 after purchasing an additional 5,685 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of HSBC by 42.2% in the 2nd quarter. Lindbrook Capital LLC now owns 2,388 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 709 shares during the period. SG Americas Securities LLC boosted its holdings in shares of HSBC by 72.9% in the 2nd quarter. SG Americas Securities LLC now owns 237,315 shares of the financial services provider’s stock worth $5,537,000 after purchasing an additional 100,056 shares during the period. Finally, Selective Wealth Management Inc. purchased a new position in shares of HSBC in the 2nd quarter worth approximately $44,000. 1.67% of the stock is currently owned by institutional investors.

HSBC Company Profile

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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