Qifu Technology (NASDAQ:QFIN) Price Target Raised to $52.70

Qifu Technology (NASDAQ:QFIN) had its target price boosted by Bank of America from $50.66 to $52.70 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Qifu Technology Stock Performance

QFIN opened at $45.43 on Wednesday. Qifu Technology has a twelve month low of $17.76 and a twelve month high of $48.94. The business has a 50 day moving average price of $42.25 and a 200 day moving average price of $36.69. The firm has a market cap of $7.16 billion, a P/E ratio of 9.20, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN) last released its quarterly 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 company had revenue of $613.89 million during the quarter, compared to analysts’ expectations of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. As a group, analysts anticipate that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, April 23rd will be paid a dividend of $0.70 per share. This is a boost from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio is presently 23.79%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Natixis Advisors LLC bought a new stake in Qifu Technology in the 3rd quarter valued at $654,000. Charles Schwab Investment Management Inc. raised its stake in shares of Qifu Technology by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company’s stock valued at $4,065,000 after acquiring an additional 7,196 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Qifu Technology by 18.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $361,000 after acquiring an additional 1,900 shares in the last quarter. BNP Paribas Financial Markets grew its position in Qifu Technology by 53.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 370,467 shares of the company’s stock worth $11,044,000 after acquiring an additional 128,789 shares during the last quarter. Finally, Bridgewater Associates LP increased its holdings in Qifu Technology by 2.2% during the 3rd quarter. Bridgewater Associates LP now owns 132,898 shares of the company’s stock valued at $3,962,000 after purchasing an additional 2,881 shares in the last quarter. Institutional investors and hedge funds own 74.81% of the company’s stock.

Qifu Technology Company 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.