Qifu Technology (NASDAQ:QFIN) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Qifu Technology (NASDAQ:QFIN) announced its earnings results on Monday. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.02, Zacks reports. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%.

Qifu Technology Stock Down 0.7%

Shares of NASDAQ:QFIN traded down $0.32 on Monday, reaching $43.95. 1,925,974 shares of the company’s stock were exchanged, compared to its average volume of 1,564,935. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.32 and a beta of 0.53. The business’s 50-day moving average is $41.62 and its two-hundred day moving average is $39.36. Qifu Technology has a fifty-two week low of $18.13 and a fifty-two week high of $48.94.

Qifu Technology Increases Dividend

The firm 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 dividend of $0.70 per share. This represents a dividend yield of 2.5%. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio is 23.79%.

Wall Street Analyst Weigh In

Separately, Bank of America lifted their price target 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.

Institutional Trading of Qifu Technology

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Qifu Technology in the 1st quarter valued at about $29,000. Royal Bank of Canada boosted its holdings in Qifu Technology by 51.7% during the first quarter. Royal Bank of Canada now owns 6,508 shares of the company’s stock worth $293,000 after buying an additional 2,219 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Qifu Technology by 32.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company’s stock worth $72,028,000 after buying an additional 395,589 shares during the period. 74.81% of the stock is currently owned by institutional investors.

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.