Abacus FCF Advisors LLC Takes $418,000 Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Abacus FCF Advisors LLC bought a new stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 10,894 shares of the company's stock, valued at approximately $418,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alliancebernstein L.P. bought a new stake in Qifu Technology in the fourth quarter worth about $92,150,000. State Street Corp increased its stake in Qifu Technology by 5.8% in the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company's stock worth $70,637,000 after purchasing an additional 128,381 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Qifu Technology by 10.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,478,319 shares of the company's stock valued at $56,738,000 after acquiring an additional 134,326 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Qifu Technology by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,309,635 shares of the company's stock valued at $38,866,000 after purchasing an additional 41,139 shares in the last quarter. Finally, Norges Bank purchased a new position in Qifu Technology during the 4th quarter valued at about $46,579,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Trading Up 7.5 %

QFIN traded up $2.71 during trading on Monday, hitting $39.08. The stock had a trading volume of 1,230,429 shares, compared to its average volume of 1,750,189. The firm has a market cap of $6.16 billion, a PE ratio of 7.91, a P/E/G ratio of 0.32 and a beta of 0.53. The company has a 50 day simple moving average of $42.05 and a 200-day simple moving average of $37.90. Qifu Technology, Inc. has a 12 month low of $17.76 and a 12 month high of $48.94.

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Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping analysts' consensus estimates 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%. As a group, sell-side analysts anticipate that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be issued 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 payout ratio is presently 23.79%.

Wall Street Analysts Forecast Growth

Separately, Bank of America increased their price objective on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a 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.