Arrowstreet Capital Limited Partnership Grows Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Arrowstreet Capital Limited Partnership raised its stake in Qifu Technology, Inc. (NASDAQ:QFIN) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,478,319 shares of the company’s stock after acquiring an additional 134,326 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.94% of Qifu Technology worth $56,738,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Qifu Technology in the fourth quarter valued at approximately $46,579,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Qifu Technology by 13.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 243,125 shares of the company’s stock valued at $9,331,000 after acquiring an additional 29,618 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Qifu Technology by 176.1% during the 4th quarter. Prudential Financial Inc. now owns 58,168 shares of the company’s stock worth $2,232,000 after purchasing an additional 37,100 shares during the period. LPL Financial LLC boosted its holdings in shares of Qifu Technology by 90.7% during the fourth quarter. LPL Financial LLC now owns 24,179 shares of the company’s stock worth $928,000 after purchasing an additional 11,502 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Qifu Technology in the fourth quarter valued at $1,105,000. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Bank of America increased 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.

Qifu Technology Stock Performance

Shares of QFIN stock opened at $44.29 on Wednesday. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 8.97, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. Qifu Technology, Inc. has a one year low of $17.76 and a one year high of $48.94. The company has a 50 day moving average price of $42.49 and a 200 day moving average price of $37.14.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The business had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. As a group, equities analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

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

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.