HighTower Advisors LLC Makes New $563,000 Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

HighTower Advisors LLC acquired a new stake in Qifu Technology, Inc. (NASDAQ:QFIN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,661 shares of the company’s stock, valued at approximately $563,000.

A number of other institutional investors and hedge funds have also made changes to their positions in QFIN. Jones Financial Companies Lllp acquired a new stake in Qifu Technology in the 4th quarter valued at $29,000. Wilmington Savings Fund Society FSB acquired a new position in Qifu Technology during the third quarter worth $30,000. Advisors Preferred LLC purchased a new position in Qifu Technology during the fourth quarter valued at $41,000. Global Retirement Partners LLC lifted its holdings in Qifu Technology by 80.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock valued at $45,000 after purchasing an additional 518 shares in the last quarter. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of Qifu Technology in the fourth quarter valued at about $46,000. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Qifu Technology Price Performance

Shares of NASDAQ:QFIN opened at $45.43 on Friday. Qifu Technology, Inc. has a 1 year low of $17.76 and a 1 year high of $48.94. The firm 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’s 50 day moving average price is $42.25 and its 200-day moving average price is $36.78.

Qifu Technology (NASDAQ:QFIN) last announced its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.14. The company had revenue of $613.89 million for the quarter, compared to analysts’ expectations 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 expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

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 paid a $0.70 dividend. This represents a yield of 2.5%. This is a positive change 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 (DPR) is 23.79%.

Qifu Technology 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.