Futu Holdings Limited (NASDAQ:FUTU) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Futu Holdings Limited (NASDAQ:FUTU) by 81.7% during the 3rd quarter, Holdings Channel reports. The fund owned 24,231 shares of the company’s stock after selling 107,901 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Futu were worth $2,318,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Futu by 14.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 877 shares of the company’s stock worth $84,000 after acquiring an additional 112 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Futu by 4.3% during the third quarter. CIBC Asset Management Inc now owns 5,403 shares of the company’s stock worth $517,000 after acquiring an additional 222 shares during the period. Signaturefd LLC raised its holdings in Futu by 8.4% during the second quarter. Signaturefd LLC now owns 3,205 shares of the company’s stock worth $210,000 after purchasing an additional 247 shares in the last quarter. CWM LLC lifted its position in Futu by 67.7% in the third quarter. CWM LLC now owns 743 shares of the company’s stock valued at $71,000 after purchasing an additional 300 shares during the period. Finally, Lifestyle Asset Management Inc. lifted its position in Futu by 6.1% in the third quarter. Lifestyle Asset Management Inc. now owns 5,373 shares of the company’s stock valued at $514,000 after purchasing an additional 307 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently commented on FUTU. Bank of America raised their price target on Futu from $80.20 to $90.00 and gave the company a “buy” rating in a report on Friday, September 27th. Morgan Stanley upgraded shares of Futu from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Finally, Citigroup downgraded shares of Futu from a “buy” rating to a “neutral” rating and increased their price target for the company from $79.00 to $95.00 in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $87.33.

Futu Stock Performance

Futu stock opened at $83.27 on Monday. Futu Holdings Limited has a fifty-two week low of $43.61 and a fifty-two week high of $130.50. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 20.41, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. The stock’s fifty day moving average is $96.14 and its two-hundred day moving average is $76.47.

Futu Dividend Announcement

The firm also recently announced a — dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 6th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, December 6th.

Futu Profile

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.