Resona Asset Management Co. Ltd. Makes New Investment in Qifu Technology, Inc. (NASDAQ:QFIN)

Resona Asset Management Co. Ltd. purchased a new position in shares of Qifu Technology, Inc. (NASDAQ:QFIN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 24,873 shares of the company’s stock, valued at approximately $954,000.

Other large investors have also made changes to their positions in the company. Alliancebernstein L.P. acquired a new position in Qifu Technology during the fourth quarter worth $92,150,000. Norges Bank acquired a new position in shares of Qifu Technology during the 4th quarter worth $46,579,000. Candriam S.C.A. purchased a new stake in shares of Qifu Technology in the 4th quarter worth about $27,185,000. NS Partners Ltd acquired a new stake in Qifu Technology in the 4th quarter valued at about $17,177,000. Finally, National Bank of Canada FI increased its holdings in Qifu Technology by 184.0% during the 4th quarter. National Bank of Canada FI now owns 610,359 shares of the company’s stock valued at $23,426,000 after acquiring an additional 395,449 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Bank of America raised their price objective on shares of 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 Trading Down 0.2 %

Shares of QFIN stock opened at $36.73 on Friday. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 7.44, a PEG ratio of 0.32 and a beta of 0.53. The firm has a 50-day moving average price of $42.14 and a 200 day moving average price of $37.77. Qifu Technology, Inc. has a twelve month low of $17.76 and a twelve month high of $48.94.

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

Qifu Technology Increases Dividend

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

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.