Geode Capital Management LLC Lowers Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Geode Capital Management LLC reduced its position in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 2.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,276,801 shares of the company's stock after selling 32,834 shares during the quarter. Geode Capital Management LLC owned about 0.81% of Qifu Technology worth $48,827,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of QFIN. Alliancebernstein L.P. purchased a new stake in shares of Qifu Technology in the fourth quarter valued at about $92,150,000. State Street Corp raised its stake in Qifu Technology by 5.8% during the 3rd quarter. State Street Corp now owns 2,324,831 shares of the company's stock valued at $70,637,000 after acquiring an additional 128,381 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Qifu Technology by 10.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,478,319 shares of the company's stock worth $56,738,000 after buying an additional 134,326 shares during the period. Norges Bank purchased a new position in Qifu Technology in the fourth quarter valued at about $46,579,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Qifu Technology by 12.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 919,967 shares of the company's stock worth $35,308,000 after acquiring an additional 99,624 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company's stock.

Qifu Technology Stock Down 2.5 %

Shares of Qifu Technology stock traded down $0.92 during trading on Friday, hitting $35.62. 1,392,952 shares of the company were exchanged, compared to its average volume of 1,535,131. Qifu Technology, Inc. has a fifty-two week low of $17.95 and a fifty-two week high of $48.94. The firm has a 50 day moving average price of $41.67 and a 200 day moving average price of $38.00. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its quarterly 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 business had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. Analysts predict that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a dividend 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%.

Analysts Set New Price Targets

Separately, Bank of America lifted 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 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.