Qifu Technology, Inc. (NASDAQ:QFIN) Stake Raised by Northern Trust Corp

Northern Trust Corp increased its holdings in Qifu Technology, Inc. (NASDAQ:QFIN) by 116.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 716,467 shares of the company’s stock after acquiring an additional 384,948 shares during the period. Northern Trust Corp owned about 0.45% of Qifu Technology worth $27,498,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Alliancebernstein L.P. acquired a new position in Qifu Technology in the 4th quarter worth about $92,150,000. Norges Bank acquired a new position in Qifu Technology in the 4th quarter worth about $46,579,000. Candriam S.C.A. acquired a new position in Qifu Technology in the 4th quarter worth about $27,185,000. Marshall Wace LLP increased its position in Qifu Technology by 67.5% in the 4th quarter. Marshall Wace LLP now owns 1,351,277 shares of the company’s stock worth $51,862,000 after purchasing an additional 544,666 shares during the last quarter. Finally, NS Partners Ltd acquired a new position in Qifu Technology in the 4th quarter worth about $17,177,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

Qifu Technology Price Performance

Shares of QFIN stock opened at $42.56 on Monday. Qifu Technology, Inc. has a fifty-two week low of $18.13 and a fifty-two week high of $48.94. The stock’s 50-day moving average is $41.21 and its two-hundred day moving average is $38.98. The firm has a market cap of $6.71 billion, a P/E ratio of 8.62, a PEG ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last posted its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $581.67 million. As a group, research analysts expect that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.