Prudential PLC Trims Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Prudential PLC cut its position in Qifu Technology, Inc. (NASDAQ:QFIN) by 24.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 972,224 shares of the company’s stock after selling 316,336 shares during the quarter. Prudential PLC’s holdings in Qifu Technology were worth $37,314,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Alliancebernstein L.P. purchased a new position in Qifu Technology during the fourth quarter worth about $92,150,000. Norges Bank purchased a new position in shares of Qifu Technology during the fourth quarter worth about $46,579,000. Candriam S.C.A. purchased a new position in shares of Qifu Technology during the fourth quarter worth about $27,185,000. NS Partners Ltd bought a new position in shares of Qifu Technology in the fourth quarter worth approximately $17,177,000. Finally, National Bank of Canada FI raised its stake in Qifu Technology by 184.0% in the fourth quarter. National Bank of Canada FI now owns 610,359 shares of the company’s stock valued at $23,426,000 after purchasing an additional 395,449 shares in the last quarter. 74.81% of the stock is owned by institutional investors.

Qifu Technology Stock Down 5.2 %

Shares of QFIN stock opened at $43.48 on Friday. The business has a 50-day moving average price of $42.73 and a two-hundred day moving average price of $37.24. Qifu Technology, Inc. has a 12-month low of $17.76 and a 12-month high of $48.94. The firm has a market cap of $6.85 billion, a P/E ratio of 8.80, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last released its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share 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 company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. As a group, research analysts expect that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, Bank of America increased their price target on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a report 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.