Norges Bank Makes New $46.58 Million Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

Norges Bank bought a new stake in Qifu Technology, Inc. (NASDAQ:QFIN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,213,619 shares of the company’s stock, valued at approximately $46,579,000.

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

Qifu Technology Stock Down 12.0 %

Qifu Technology stock opened at $38.25 on Friday. The firm has a 50 day moving average price of $42.69 and a 200-day moving average price of $37.33. Qifu Technology, Inc. has a twelve month low of $17.76 and a twelve month high of $48.94. The company has a market capitalization of $6.03 billion, a P/E 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 earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (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. Equities analysts expect that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders 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 is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a yield of 2.5%. Qifu Technology’s dividend payout ratio is 23.79%.

Wall Street Analysts Forecast Growth

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