LONDON, June 30, 2026, 09:16 BST
- HSBC shares in London traded at 1,427.40p on the sell side and 1,427.80p to buy as of 09:01 BST, up 0.28%. The FTSE All-Share was also up 0.27%.
- AJ Bell figures show HSBC’s market cap at £244.64 billion, putting it £14.76 billion ahead of the combined total for Barclays, Standard Chartered, NatWest and Lloyds.
- HSBC handed out its first interim 2026 dividend on June 26. The bank reports earnings next on Aug. 4.
HSBC Holdings Plc (LON:HSBA) started higher in London on Tuesday and stayed close to its 52-week top, about 2% below it. The stock is trading with a greater valuation premium than the modest price move shows.
The London market was open. The London Stock Exchange’s June 30 session was scheduled from 08:00 to 16:30 local time. According to HSBC’s investor page, which displays Refinitiv data delayed by at least 15 minutes, the bank’s London shares traded at 1,426.40p, Hong Kong shares HKG:0005 at HK$147.80, and New York ADSs NYSE:HSBC at $95.08 as of 08:09 GMT.
| HSBC market read | Latest data |
|---|---|
| London quote | Sell at 1,427.40p, buy at 1,427.80p, up 0.28% at 09:01 BST |
| Company-site quotes | London 1,426.40p; Hong Kong HK$147.80; New York ADS $95.08 |
| 52-week range | 867.20p to 1,456.00p |
| Market cap / P/E / dividend yield | £244.64 bln / 15.84x / 3.83% |
The peer group tells a different story. With AJ Bell figures, HSBC’s equity value topped the combined £229.88 billion market cap of Barclays Plc (LON:BARC), Standard Chartered Plc (LON:STAN), NatWest Group Plc (LON:NWG), and Lloyds Banking Group Plc (LON:LLOY). HSBC also was about 29% over the group’s average P/E ratio.
| London-listed bank | Ticker | Price move | Market value | P/E | Yield |
|---|---|---|---|---|---|
| HSBC Holdings | LON:HSBA | up 0.27% | £244.64 bln | 15.84x | 3.83% |
| Barclays | LON:BARC | added 0.61% | £68.51 bln | 11.89x | 1.67% |
| Standard Chartered | LON:STAN | rose 0.44% | £44.56 bln | 13.25x | 2.19% |
| NatWest | LON:NWG | gained 0.92% | £52.72 bln | 9.50x | 4.90% |
| Lloyds | LON:LLOY | up 1.15% | £64.09 bln | 14.37x | 3.34% |
| Four-peer basket | — | — | £229.88 bln | 12.25x avg | 3.03% avg |
The premium gives HSBC less cushion if net interest income, credit costs or capital returns miss. The bank’s latest buy price was 64.6% up from its 52-week low, and 1.9% under its 52-week high, per AJ Bell’s range.
HSBC’s Q1 results gave some support to the bulls, but not a green light. The bank posted revenue of $18.6 billion, a 6% rise on the year, and pretax profit of $9.4 billion, down $0.1 billion, with expected credit losses up $0.4 billion to $1.3 billion. HSBC raised its 2026 banking net interest income outlook to about $46 billion, up from at least $45 billion, and kept its target for return on tangible equity at 17% or higher from 2026 through 2028.
HSBC CEO Georges Elhedery said in the May 5 earnings release the bank is “confident in achieving the targets” set back in February. The same filing listed HSBC’s common equity tier 1 ratio at 14.0%, right at the bottom end of its 14.0%-14.5% medium-term target. HSBC
Kathy Chan at Morningstar lifted her fair value on HSBC to 1,390p from 1,310p after the Q1 update, but kept her “fairly valued” call on the shares. Her note said Morningstar’s number points to a 2026 price/book of 1.7, which is higher than HSBC’s average for the past decade. The shares in London on Tuesday traded above her new 1,390p figure. Morningstar
Capital return is still in focus. HSBC made its first interim dividend payout on June 26, handing out $0.10 per ordinary share—7.4489p by their exchange rate. At Tuesday’s buy price, that single dividend was about 0.52% of a share. ADS holders are getting $0.50 per ADS.
HSBC said the privatisation of Hang Seng Bank was completed Jan. 26 and the shares were taken off the market Jan. 27. Elhedery said when the deal closed that “Hang Seng remains its own bank.” The capital bar is tied to Hang Seng Bank. For the first quarter, HSBC said decisions on buybacks would go through its usual quarterly process. HSBC
HSBC has interim results for 2026 on its calendar for August 4, with third-quarter earnings due October 27.
