Qifu Technology, Inc. (NASDAQ:QFIN) Announces Dividend Increase – $0.70 Per Share

Qifu Technology, Inc. (NASDAQ:QFIN) announced a semi-annual dividend on Thursday, March 20th, Wall Street Journal reports. Stockholders of record on Wednesday, April 23rd will be paid a dividend of 0.70 per share on Monday, June 2nd. This represents a dividend yield of 2.5%. The ex-dividend date is Wednesday, April 23rd. This is a 16.7% increase from Qifu Technology’s previous semi-annual dividend of $0.60.

Qifu Technology has increased its dividend payment by an average of 61.5% per year over the last three years. Qifu Technology has a dividend payout ratio of 15.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Qifu Technology to earn $6.39 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 18.8%.

Qifu Technology Stock Down 3.4 %

QFIN traded down $1.64 on Thursday, reaching $46.02. The company’s stock had a trading volume of 1,876,668 shares, compared to its average volume of 1,318,059. The company has a market capitalization of $7.25 billion, a price-to-earnings ratio of 9.32, a P/E/G ratio of 0.32 and a beta of 0.59. Qifu Technology has a fifty-two week low of $17.76 and a fifty-two week high of $48.81. The stock has a 50 day moving average of $41.03 and a two-hundred day moving average of $35.77.

Wall Street Analyst Weigh In

Separately, Citigroup upped their price objective on shares of Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a research note on Thursday, November 21st.

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.