Zacks Investment Research upgraded shares of Fanhua (NASDAQ:FANH) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $8.00 price objective on the financial services provider’s stock.
According to Zacks, “Fanhua Inc. is a provider of financial services. Its product and services comprises property, casualty and life insurance products and insurance claims adjusting services. The company’s online segment includes CNpad, a mobile sales support application, Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products and eHuzhu a non-profit online mutual aid. Fanhua Inc. formerly known as CNinsure Inc. is headquatered in Guangzhou, China. “
Shares of NASDAQ:FANH opened at $7.06 on Tuesday. Fanhua has a 12-month low of $6.57 and a 12-month high of $18.80. The business’s fifty day simple moving average is $10.44 and its 200-day simple moving average is $12.65. The company has a market capitalization of $379.09 million, a PE ratio of 8.61 and a beta of 0.52.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 22nd. Stockholders of record on Wednesday, December 8th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, December 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 8.50%. Fanhua’s payout ratio is 70.73%.
A number of institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. acquired a new position in shares of Fanhua in the 2nd quarter valued at about $175,000. Bank of America Corp DE increased its stake in shares of Fanhua by 4.8% in the 2nd quarter. Bank of America Corp DE now owns 2,545,959 shares of the financial services provider’s stock valued at $38,444,000 after purchasing an additional 116,800 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of Fanhua in the 2nd quarter valued at about $208,000. California Public Employees Retirement System increased its stake in shares of Fanhua by 5.0% in the 2nd quarter. California Public Employees Retirement System now owns 84,947 shares of the financial services provider’s stock valued at $1,283,000 after purchasing an additional 4,029 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Fanhua by 1.2% in the 3rd quarter. BlackRock Inc. now owns 1,004,118 shares of the financial services provider’s stock valued at $12,089,000 after purchasing an additional 12,063 shares in the last quarter. 23.67% of the stock is owned by institutional investors.
Fanhua, Inc engages in the provision of online-to-offline financial services. It operates through the following business segments: Insurance Agency, Insurance Brokerage, and Claims Adjusting. The Insurance Agency segment comprises of property and casualty insurance products as well as life insurance products.
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