Manulife Shifts First Community Corp/SC Ownership to Subsidiary

Ticker: FCCO · Form: SC 13G/A · Filed: 2024-02-13T00:00:00.000Z

Sentiment: neutral

Topics: ownership-change, institutional-holding, amendment

TL;DR

**Manulife Financial Corp moved its First Community Corp/SC shares to a subsidiary, but still holds the investment.**

AI Summary

Manulife Financial Corporation, a Canadian life insurance company, filed an amendment (SC 13G/A) on February 13, 2024, for its holdings in First Community Corp/SC. The filing, dated December 29, 2023, indicates that Manulife Financial Corporation itself no longer directly beneficially owns any shares of First Community Corp/SC, with all ownership now held indirectly through its wholly-owned subsidiary, Manulife Investment Management (US) LLC. This matters to investors because it clarifies the ownership structure, showing that a major financial institution still maintains an interest, albeit through a subsidiary, which can signal continued institutional confidence in the stock.

Why It Matters

This filing clarifies that Manulife Financial Corporation's beneficial ownership of First Community Corp/SC shares is now entirely indirect, held through its subsidiary, Manulife Investment Management (US) LLC. This structural change doesn't necessarily mean a change in investment strategy but provides transparency on the specific entity within Manulife responsible for managing these shares.

Risk Assessment

Risk Level: low — This filing is an update on ownership structure, not a sale, and therefore presents minimal direct risk to investors.

Analyst Insight

Investors should note that while the direct beneficial owner has changed, the underlying institutional interest from the Manulife group remains. This is primarily an administrative update, not a divestment, so no immediate action is required based solely on this filing. However, it's worth monitoring future filings from Manulife Investment Management (US) LLC for any changes in their actual holdings.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

What is the purpose of this SC 13G/A filing by Manulife Financial Corporation?

This SC 13G/A filing is an amendment (Amendment No. 8) to a previous Schedule 13G, indicating a change in the disclosures provided in a prior cover page regarding Manulife Financial Corporation's beneficial ownership of First Community Corp/SC common stock, specifically clarifying that direct ownership has shifted to an indirect subsidiary.

Who is the 'Reporting Person' in this filing and what is their citizenship?

The 'Reporting Person' is Manulife Financial Corporation, and its place of organization (citizenship) is Canada, as stated in Row 4 of the cover page.

What is the 'Date of Event which Requires Filing of this Statement'?

The 'Date of Event which Requires Filing of this Statement' is December 29, 2023, as specified on the cover page of the filing.

How many shares does Manulife Financial Corporation directly beneficially own according to this filing?

According to Rows 5, 6, 7, and 8, Manulife Financial Corporation directly holds 0 shares with sole voting power, 0 with shared voting power, 0 with sole dispositive power, and 0 with shared dispositive power. Row 9 clarifies that the aggregate amount beneficially owned by Manulife Financial Corporation is 'None, except through its indirect, wholly-owned subsidiary, Manulife Investment Management (US) LLC.'

What is the CUSIP Number for the Common Stock of First Community Corp/SC?

The CUSIP Number for the Common Stock of First Community Corp/SC is 319835104, as listed on the cover page of the filing.

Filing Stats: 1,585 words · 6 min read · ~5 pages · Grade level 9.3 · Accepted 2024-02-13 16:14:11

Filing Documents

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: MIM (US) has beneficial ownership of 378,484 shares of Common Stock. Through its parent-subsidiary relationship to MIM (US), MFC may be deemed to have beneficial ownership of these same shares. (b) Percent of class Of the 7,599,415 shares of Common Stock outstanding as of November 9, 2023, according to the Form 10-Q filed by the issuer with the Securities and Exchange Commission on November 9, 2023, MIM (US) held 4.98%. (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote Incorporated by reference to Item 5 of the cover page pertaining to each reporting person. . (ii) Shared power to vote or to direct the vote Incorporated by reference to Item 6 of the cover page pertaining to each reporting person. . (iii) Sole power to dispose or to direct the disposition of Incorporated by reference to Item 7 of the cover page pertaining to each reporting person. . (iv) Shared power to dispose or to direct the disposition of Incorporated by reference to Item 8 of the cover page pertaining to each reporting person. . Instruction. §240.13d-3(d)(1). For computations regarding securities which represent a right to acquire an underlying security see Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following x . Item 6. Ownership of More than Five Percent on Behalf of Another Person. N/A Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person See Items 3 and 4 above Item 8. Identification and Classifica

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