Charles Schwab Investment Management Inc. Reduces Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Charles Schwab Investment Management Inc. lowered its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 5.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 128,920 shares of the company's stock after selling 7,448 shares during the period. Charles Schwab Investment Management Inc. owned about 0.08% of Qifu Technology worth $4,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB grew its stake in Qifu Technology by 156.0% during the 3rd quarter. Swedbank AB now owns 754,300 shares of the company's stock worth $22,486,000 after buying an additional 459,700 shares during the last quarter. Point72 Hong Kong Ltd boosted its holdings in shares of Qifu Technology by 443.0% in the third quarter. Point72 Hong Kong Ltd now owns 535,498 shares of the company's stock valued at $15,963,000 after acquiring an additional 436,882 shares during the period. Artemis Investment Management LLP acquired a new position in shares of Qifu Technology in the 4th quarter valued at $12,493,000. Public Employees Retirement System of Ohio acquired a new position in shares of Qifu Technology in the 3rd quarter valued at $8,487,000. Finally, Point72 Asset Management L.P. purchased a new stake in Qifu Technology in the 3rd quarter valued at $4,922,000. Institutional investors and hedge funds own 74.81% of the company's stock.

Qifu Technology Stock Performance

Qifu Technology stock traded down $2.69 during trading hours on Friday, reaching $45.43. 1,634,708 shares of the stock were exchanged, compared to its average volume of 1,434,724. The stock has a market cap of $7.16 billion, a P/E ratio of 9.20, a P/E/G ratio of 0.32 and a beta of 0.59. The firm's 50 day moving average is $42.25 and its 200 day moving average is $36.78. Qifu Technology, Inc. has a 52-week low of $17.76 and a 52-week high of $48.94.

Remove Ads

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its earnings results on Sunday, March 16th. The company reported $1.82 EPS for the quarter, topping analysts' consensus estimates of $1.68 by $0.14. The company 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%. Equities research analysts expect that Qifu Technology, Inc. will post 5.71 EPS 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 issued a dividend of $0.70 per share. This is an increase from Qifu Technology's previous semi-annual dividend of $0.60. This represents a yield of 2.5%. The ex-dividend date is Wednesday, April 23rd. Qifu Technology's dividend payout ratio (DPR) is 23.79%.

Wall Street Analysts Forecast Growth

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 report on Wednesday.

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.