Qifu Technology (NASDAQ:QFIN) Trading 4.5% Higher on Analyst Upgrade

Qifu Technology, Inc. (NASDAQ:QFIN) traded up 4.5% during mid-day trading on Thursday after Bank of America raised their price target on the stock from $50.66 to $52.70. Bank of America currently has a buy rating on the stock. Qifu Technology traded as high as $48.37 and last traded at $48.47. 815,678 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 1,363,125 shares. The stock had previously closed at $46.37.

Institutional Trading of Qifu Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. bought a new position in shares of Qifu Technology during the fourth quarter valued at $92,150,000. Norges Bank bought a new position in Qifu Technology during the 4th quarter valued at about $46,579,000. Candriam S.C.A. purchased a new stake in shares of Qifu Technology during the 4th quarter valued at about $27,185,000. Aspex Management HK Ltd grew its stake in shares of Qifu Technology by 11.3% in the fourth quarter. Aspex Management HK Ltd now owns 6,371,808 shares of the company’s stock worth $244,550,000 after acquiring an additional 648,088 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of Qifu Technology by 67.5% in the fourth quarter. Marshall Wace LLP now owns 1,351,277 shares of the company’s stock worth $51,862,000 after acquiring an additional 544,666 shares during the period. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Up 4.7 %

The stock has a market capitalization of $7.65 billion, a PE ratio of 9.81, a PEG ratio of 0.32 and a beta of 0.59. The firm’s fifty day moving average price is $41.89 and its two-hundred day moving average price is $36.47.

Qifu Technology (NASDAQ:QFIN) last announced its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.14. The business had revenue of $613.89 million during the quarter, compared to analyst estimates of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. As a group, analysts predict that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology’s dividend payout ratio is currently 23.79%.

Qifu Technology Company Profile

Qifu Technology, Inc, through its subsidiaries, operates credit-tech platform under the 360 Jietiao brand in the People's Republic of China. It provides credit-driven services that matches borrowers with financial institutions to conduct customer acquisition, initial and credit screening, advanced risk assessment, credit assessment, fund matching, and other post-facilitation services; and platform services, including loan facilitation and post-facilitation services to financial institution partners under intelligence credit engine, referral services, and risk management software-as-a-service.