Massachusetts Financial Services Co. MA Purchases New Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Massachusetts Financial Services Co. MA purchased a new stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 42,990 shares of the company's stock, valued at approximately $1,650,000.

Several other institutional investors and hedge funds also recently made changes to their positions in QFIN. Jones Financial Companies Lllp bought a new stake in shares of Qifu Technology in the fourth quarter worth $29,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Qifu Technology during the 3rd quarter valued at about $30,000. Advisors Preferred LLC bought a new stake in Qifu Technology during the fourth quarter valued at approximately $41,000. Point72 DIFC Ltd bought a new stake in shares of Qifu Technology during the 3rd quarter valued at $43,000. Finally, Global Retirement Partners LLC raised its holdings in Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after purchasing an additional 518 shares during the period. Institutional investors own 74.81% of the company's stock.

Wall Street Analyst Weigh In

Separately, Bank of America upped their price target on Qifu Technology from $50.66 to $52.70 and gave the stock a "buy" rating in a research report on Wednesday, March 26th.

Qifu Technology Stock Performance

Shares of QFIN traded up $3.27 during mid-day trading on Monday, reaching $39.64. The stock had a trading volume of 770,901 shares, compared to its average volume of 1,501,472. The business has a fifty day moving average of $42.05 and a 200 day moving average of $37.90. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 8.02, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 12 month low of $17.76 and a 12 month high of $48.94.

Remove Ads

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued its 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. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. The company had revenue of $613.89 million during the quarter, compared to the consensus estimate of $581.67 million. On average, research analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current fiscal year.

Qifu Technology Increases Dividend

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

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.