DnB Asset Management AS Sells 7,542 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

DnB Asset Management AS cut its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN) by 11.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,155 shares of the company’s stock after selling 7,542 shares during the quarter. DnB Asset Management AS’s holdings in Qifu Technology were worth $2,232,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Qifu Technology during the fourth quarter valued at $46,579,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in Qifu Technology by 13.9% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 243,125 shares of the company’s stock valued at $9,331,000 after acquiring an additional 29,618 shares during the period. Prudential Financial Inc. boosted its stake 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 in the last quarter. LPL Financial LLC grew its holdings in Qifu Technology by 90.7% in the fourth quarter. LPL Financial LLC now owns 24,179 shares of the company’s stock worth $928,000 after purchasing an additional 11,502 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Qifu Technology during the fourth quarter valued at approximately $1,105,000. 74.81% of the stock is owned by hedge funds and other institutional investors.

Qifu Technology Price Performance

QFIN opened at $44.29 on Wednesday. The firm has a market cap of $6.98 billion, a PE ratio of 8.97, a P/E/G ratio of 0.32 and a beta of 0.59. The stock has a 50-day moving average price of $42.49 and a 200-day moving average price of $37.14. Qifu Technology, Inc. has a 1 year low of $17.76 and a 1 year high of $48.94.

Qifu Technology (NASDAQ:QFIN) last issued its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $581.67 million. As a group, sell-side analysts anticipate that Qifu Technology, Inc. will post 5.71 EPS for the current 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 represents a yield of 2.5%. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio (DPR) is currently 23.79%.

Analysts Set New Price Targets

Separately, Bank of America boosted their price target on Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a research report on Wednesday, March 26th.

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.