Korea Investment CORP Reduces Holdings in Qifu Technology, Inc. (NASDAQ:QFIN)

Korea Investment CORP reduced its position in Qifu Technology, Inc. (NASDAQ:QFIN) by 10.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 136,100 shares of the company’s stock after selling 16,000 shares during the quarter. Korea Investment CORP’s holdings in Qifu Technology were worth $5,224,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Qifu Technology by 13.9% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 243,125 shares of the company’s stock valued at $9,331,000 after buying an additional 29,618 shares during the last quarter. Prudential Financial Inc. boosted its position in Qifu Technology by 176.1% during the fourth quarter. Prudential Financial Inc. now owns 58,168 shares of the company’s stock worth $2,232,000 after acquiring an additional 37,100 shares during the last quarter. LPL Financial LLC grew its stake in Qifu Technology by 90.7% during the 4th quarter. LPL Financial LLC now owns 24,179 shares of the company’s stock valued at $928,000 after acquiring an additional 11,502 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Qifu Technology in the 4th quarter valued at about $1,105,000. Finally, Sei Investments Co. raised its holdings in Qifu Technology by 100.8% in the 4th quarter. Sei Investments Co. now owns 675,813 shares of the company’s stock valued at $25,938,000 after acquiring an additional 339,234 shares during 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 upped their price target on Qifu Technology from $50.66 to $52.70 and gave the company a “buy” rating in a research report on Wednesday, March 26th.

Qifu Technology Trading Down 1.1 %

Shares of QFIN opened at $44.91 on Tuesday. Qifu Technology, Inc. has a 12-month low of $17.76 and a 12-month high of $48.94. The firm has a market capitalization of $7.08 billion, a P/E ratio of 9.09, a P/E/G ratio of 0.32 and a beta of 0.59. The firm has a 50-day moving average price of $42.38 and a 200 day moving average price of $37.00.

Qifu Technology (NASDAQ:QFIN) last posted its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.14. The business 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%. Equities research analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share 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. Shareholders 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. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. Qifu Technology’s dividend payout ratio (DPR) is 23.79%.

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.