State Street Corp Trims Stake in Futu Holdings Limited (NASDAQ:FUTU)

State Street Corp trimmed its stake in shares of Futu Holdings Limited (NASDAQ:FUTU - Free Report) by 12.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,078,811 shares of the company's stock after selling 147,040 shares during the period. State Street Corp owned 0.78% of Futu worth $103,188,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on FUTU. Morgan Stanley upgraded shares of Futu from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $70.00 to $115.00 in a research report on Monday, November 18th. Citigroup lowered Futu from a "buy" rating to a "neutral" rating and upped their price target for the company from $79.00 to $95.00 in a research report on Tuesday, November 19th. Finally, Bank of America lifted their price objective on Futu from $80.20 to $90.00 and gave the stock a "buy" rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Futu presently has an average rating of "Moderate Buy" and an average target price of $87.33.

Futu Stock Down 4.7 %

NASDAQ:FUTU traded down $4.09 on Monday, reaching $82.45. The company's stock had a trading volume of 2,535,507 shares, compared to its average volume of 2,376,920. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. Futu Holdings Limited has a 12-month low of $43.61 and a 12-month high of $130.50. The stock has a 50 day moving average price of $92.73 and a 200 day moving average price of $76.99.

Futu Announces Dividend

The firm also recently declared a -- dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 6th will be paid 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.