Full Truck Alliance Co. Ltd. Sponsored ADR $YMM Shares Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Full Truck Alliance Co. Ltd. by 25.3%, acquiring an additional 302,381 shares, bringing its total to 1,498,085 shares valued at $19.13 million.
• Full Truck Alliance plans to pay an annual dividend of $0.096 per share on October 27, with a yield of 60.0% and a payout ratio of 28.57%.
• Citigroup has reduced their target price on Full Truck Alliance shares from $16.50 to $16.00, while maintaining a "buy" rating, indicating a cautious outlook for the stock.

The Manufacturers Life Insurance Company boosted its stake in Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Free Report) by 25.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,498,085 shares of the company's stock after purchasing an additional 302,381 shares during the period. The Manufacturers Life Insurance Company owned about 0.14% of Full Truck Alliance worth $19,131,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Full Truck Alliance by 6.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,146 shares of the company's stock valued at $311,000 after purchasing an additional 1,406 shares during the last quarter. Harvest Fund Management Co. Ltd increased its holdings in Full Truck Alliance by 66.1% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 627,958 shares of the company's stock valued at $8,019,000 after purchasing an additional 249,788 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Full Truck Alliance in the 1st quarter valued at approximately $315,000. US Bancorp DE acquired a new stake in Full Truck Alliance in the 1st quarter valued at approximately $40,000. Finally, Softbank Group CORP. lifted its holdings in Full Truck Alliance by 279.9% during the 4th quarter. Softbank Group CORP. now owns 4,220,001 shares of the company's stock worth $45,660,000 after buying an additional 3,109,250 shares in the last quarter. Institutional investors and hedge funds own 39.02% of the company's stock.

Analyst Ratings Changes

Separately, Citigroup cut their price objective on Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Full Truck Alliance Stock Performance

YMM stock traded down $0.10 during midday trading on Monday, reaching $13.16. 4,214,918 shares of the company were exchanged, compared to its average volume of 9,184,483. Full Truck Alliance Co. Ltd. Sponsored ADR has a 1-year low of $7.06 and a 1-year high of $13.85. The stock's 50-day simple moving average is $12.05 and its 200 day simple moving average is $11.94. The company has a market cap of $13.76 billion, a price-to-earnings ratio of 23.42 and a beta of 0.21.

Full Truck Alliance Cuts Dividend

The firm also recently declared an annual dividend, which will be paid on Monday, October 27th. Investors of record on Monday, October 13th will be given a $0.096 dividend. The ex-dividend date is Friday, October 10th. This represents a yield of 60.0%. Full Truck Alliance's dividend payout ratio is 28.57%.

About Full Truck Alliance

Full Truck Alliance Co Ltd., together with its subsidiaries, operates a digital freight platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types in the People's Republic of China. The company offers freight matching services, such as freight listing and brokerage services; and online transaction services, as well as various value-added services, such as credit solutions, insurance brokerage, software solutions, electronic toll collection, and energy services.