Qifu Technology (NASDAQ:QFIN) Price Target Raised to $52.70 at Bank of America

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

Qifu Technology Stock Performance

Qifu Technology stock opened at $46.37 on Wednesday. The stock has a market capitalization of $7.31 billion, a P/E ratio of 9.39, a P/E/G ratio of 0.32 and a beta of 0.59. The company’s fifty day moving average price is $41.89 and its 200 day moving average price is $36.47. Qifu Technology has a 1 year low of $17.76 and a 1 year high of $48.81.

Qifu Technology (NASDAQ:QFIN) last released its 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 for the quarter, compared to the consensus estimate of $581.67 million. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. Sell-side analysts predict that Qifu Technology 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 given a $0.70 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. Qifu Technology’s payout ratio is currently 23.79%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of QFIN. GeoWealth Management LLC acquired a new stake in shares of Qifu Technology during the fourth quarter worth about $26,000. Jones Financial Companies Lllp purchased a new stake in Qifu Technology during the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB acquired a new stake in Qifu Technology during the 3rd quarter worth approximately $30,000. Advisors Preferred LLC purchased a new position in Qifu Technology in the 4th quarter valued at approximately $41,000. Finally, Global Retirement Partners LLC grew its stake in shares of Qifu Technology by 80.2% in 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 in the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

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.