Norges Bank Buys New Shares in Qifu Technology, Inc. (NASDAQ:QFIN)

Norges Bank purchased a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,213,619 shares of the company’s stock, valued at approximately $46,579,000. Norges Bank owned 0.77% of Qifu Technology at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in QFIN. Jones Financial Companies Lllp bought a new stake in Qifu Technology in the fourth quarter worth approximately $29,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Qifu Technology in the 3rd quarter valued at $30,000. Advisors Preferred LLC bought a new stake in shares of Qifu Technology in the 4th quarter valued at $41,000. Point72 DIFC Ltd bought a new position in Qifu Technology during the third quarter worth $43,000. Finally, Global Retirement Partners LLC grew its holdings in Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company’s stock worth $45,000 after purchasing an additional 518 shares during the period. 74.81% of the stock is owned by institutional investors.

Qifu Technology Stock Down 12.0 %

NASDAQ QFIN opened at $38.25 on Friday. Qifu Technology, Inc. has a 52 week low of $17.76 and a 52 week high of $48.94. The business has a 50 day moving average price of $42.69 and a 200-day moving average price of $37.33. The company has a market cap of $6.03 billion, a price-to-earnings ratio of 7.74, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data 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 net margin of 31.82% and a return on equity of 24.39%. The firm had revenue of $613.89 million for the quarter, compared to the consensus estimate of $581.67 million. On average, equities research analysts anticipate that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

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

Analyst Ratings Changes

Separately, Bank of America upped their price objective on shares of Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a 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.