Qifu Technology (NASDAQ:QFIN) Price Target Raised to $52.70

Qifu Technology (NASDAQ:QFIN) had its target price raised by Bank of America from $50.66 to $52.70 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Qifu Technology Price Performance

Shares of Qifu Technology stock opened at $45.43 on Wednesday. The company has a market capitalization of $7.16 billion, a PE ratio of 9.20, a P/E/G ratio of 0.32 and a beta of 0.59. The business has a 50-day moving average of $42.25 and a 200-day moving average of $36.69. Qifu Technology has a 1-year low of $17.76 and a 1-year high of $48.94.

Qifu Technology (NASDAQ:QFIN) last announced its quarterly earnings data on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The firm had revenue of $613.89 million for the quarter, compared to analysts’ expectations of $581.67 million. On average, equities analysts expect that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

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

Institutional Trading of Qifu Technology

Large investors have recently modified their holdings of the company. GeoWealth Management LLC bought a new position in Qifu Technology in the 4th quarter worth approximately $26,000. Jones Financial Companies Lllp bought a new position in shares of Qifu Technology in the fourth quarter worth $29,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Qifu Technology during the third quarter valued at $30,000. Advisors Preferred LLC bought a new stake in shares of Qifu Technology during the fourth quarter valued at about $41,000. Finally, Point72 DIFC Ltd bought a new position in Qifu Technology in the 3rd quarter valued at about $43,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

About Qifu Technology

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.