Envestnet Portfolio Solutions Inc. Reduces Stake in HSBC Holdings plc (NYSE:HSBC)

Envestnet Portfolio Solutions Inc. recently reduced its stake in HSBC Holdings plc by 19.3% in the 1st quarter, according to a recent filing with the SEC. The institutional investor sold 3,519 shares, bringing its total holdings to 14,742 shares valued at $580,000. This move comes as several other hedge funds and institutional investors have also adjusted their positions in HSBC.

Dimensional Fund Advisors LP increased its stake by 3.3% in the 4th quarter, while Raymond James & Associates and QRG Capital Management Inc. also made moves to increase their holdings. Meritage Portfolio Management saw a 6.9% boost in its stake, and CWM LLC experienced a significant 3,518.2% increase in its holdings.

Wall Street analysts have forecasted growth for HSBC, with Barclays reissuing an “equal weight” rating on the stock. The company currently has a consensus rating of “Hold” and an average target price of $789.00.

HSBC’s stock performance has been solid, with a market cap of $161.36 billion and a P/E ratio of 7.42. The company recently reported quarterly earnings of $1.70 EPS, with analysts expecting 6.4 EPS for the current year.

In a recent move, HSBC announced a quarterly dividend of $0.50, representing a dividend yield of 4.65%. The ex-dividend date was May 9th, with a payout ratio of 34.14%.

HSBC Holdings plc provides banking and financial services globally, operating through various segments. The company offers retail banking, wealth management, commercial banking, and global banking and markets services.

Overall, HSBC’s recent moves and financial performance indicate a strong position in the market, with potential for growth in the future. Stay tuned for more updates on HSBC and its market performance.