Arrowstreet Capital Limited Partnership Increases Holdings in Qifu Technology, Inc. (NASDAQ:QFIN)

Arrowstreet Capital Limited Partnership raised its stake in Qifu Technology, Inc. (NASDAQ:QFIN) by 10.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,478,319 shares of the company’s stock after purchasing an additional 134,326 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Qifu Technology were worth $56,738,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Qifu Technology by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock worth $4,065,000 after purchasing an additional 7,196 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Qifu Technology by 186.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,108 shares of the company’s stock worth $5,011,000 after buying an additional 109,418 shares during the period. Verition Fund Management LLC acquired a new position in Qifu Technology in the 3rd quarter worth $996,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Qifu Technology by 474.7% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,293 shares of the company’s stock valued at $158,000 after buying an additional 4,372 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Qifu Technology during the third quarter valued at about $4,922,000. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qifu Technology Price Performance

QFIN opened at $44.29 on Wednesday. Qifu Technology, Inc. has a 12-month low of $17.76 and a 12-month high of $48.94. The stock has a market capitalization of $6.98 billion, a PE ratio of 8.97, a P/E/G ratio of 0.32 and a beta of 0.59. The firm’s fifty day moving average price is $42.49 and its 200 day moving average price is $37.14.

Qifu Technology (NASDAQ:QFIN) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.14. The business had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. On average, equities research analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be given a $0.70 dividend. This is a positive change 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 dividend yield of 2.5%. Qifu Technology’s dividend payout ratio (DPR) is presently 23.79%.

Analysts Set New Price Targets

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

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.