JPMorgan Chase & Co. Cuts Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

JPMorgan Chase & Co. reduced its holdings in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 19.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 696,475 shares of the company's stock after selling 170,156 shares during the quarter. JPMorgan Chase & Co. owned 0.44% of Qifu Technology worth $26,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Qifu Technology by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,309,635 shares of the company's stock worth $38,866,000 after purchasing an additional 41,139 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Qifu Technology by 66.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 32,873 shares of the company's stock worth $1,255,000 after buying an additional 13,170 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Qifu Technology during the third quarter valued at approximately $1,061,000. KBC Group NV grew its position in Qifu Technology by 279.6% during the fourth quarter. KBC Group NV now owns 35,381 shares of the company's stock valued at $1,358,000 after buying an additional 26,061 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Qifu Technology by 4,272.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 7,302 shares of the company's stock valued at $280,000 after buying an additional 7,135 shares during the last quarter. 74.81% of the stock is owned by hedge funds and other institutional investors.

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Qifu Technology Trading Down 1.0 %

Shares of QFIN traded down $0.36 during trading hours on Friday, reaching $36.37. 3,872,213 shares of the stock traded hands, compared to its average volume of 1,504,168. The company has a market cap of $5.73 billion, a P/E ratio of 7.36, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53. The company's 50-day moving average price is $42.05 and its two-hundred day moving average price is $37.90. Qifu Technology, Inc. has a 52-week low of $17.76 and a 52-week high of $48.94.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 24.39% and a net margin of 31.82%. On average, research analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, June 2nd. Shareholders of record on Wednesday, April 23rd will be paid a $0.70 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 2.5%. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. Qifu Technology's payout ratio is presently 23.79%.

Wall Street Analysts Forecast Growth

Separately, Bank of America lifted their target price on Qifu Technology from $50.66 to $52.70 and gave the company 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.