Qifu Technology, Inc. (NASDAQ:QFIN) Shares Sold by Korea Investment CORP

Korea Investment CORP decreased its stake in Qifu Technology, Inc. (NASDAQ:QFIN) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,100 shares of the company’s stock after selling 16,000 shares during the quarter. Korea Investment CORP owned approximately 0.09% of Qifu Technology worth $5,224,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp boosted its position in Qifu Technology by 5.8% in the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company’s stock worth $70,637,000 after purchasing an additional 128,381 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Qifu Technology by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,309,635 shares of the company’s stock valued at $38,866,000 after purchasing an additional 41,139 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Qifu Technology by 12.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 919,967 shares of the company’s stock worth $35,308,000 after buying an additional 99,624 shares in the last quarter. Swedbank AB grew its position in Qifu Technology by 18.7% during the fourth quarter. Swedbank AB now owns 895,300 shares of the company’s stock valued at $34,362,000 after buying an additional 141,000 shares during the period. Finally, Candriam S.C.A. purchased a new position in Qifu Technology in the fourth quarter valued at $27,185,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Price Performance

Qifu Technology stock opened at $44.91 on Tuesday. The stock has a market capitalization of $7.08 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. The business has a 50 day simple moving average of $42.38 and a 200-day simple moving average of $37.00. Qifu Technology, Inc. has a 12 month low of $17.76 and a 12 month high of $48.94.

Qifu Technology (NASDAQ:QFIN) last issued its quarterly earnings results on Sunday, March 16th. The company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.68 by $0.14. The company 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%. On average, equities research analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, Bank of America increased their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a research note on Wednesday, March 26th.

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.