Prudential Financial Inc. Raises Holdings in Qifu Technology, Inc. (NASDAQ:QFIN)

Prudential Financial Inc. increased its position in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 176.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,168 shares of the company's stock after buying an additional 37,100 shares during the quarter. Prudential Financial Inc.'s holdings in Qifu Technology were worth $2,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in Qifu Technology by 5.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 136,368 shares of the company's stock worth $4,065,000 after acquiring an additional 7,196 shares in the last quarter. Verition Fund Management LLC acquired a new position in Qifu Technology during the 3rd quarter worth approximately $996,000. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Qifu Technology by 474.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,293 shares of the company's stock worth $158,000 after acquiring an additional 4,372 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Qifu Technology in the third quarter valued at approximately $4,922,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Qifu Technology during the third quarter valued at approximately $43,000. 74.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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Qifu Technology Price Performance

Shares of NASDAQ QFIN traded down $0.22 during mid-day trading on Tuesday, reaching $35.86. 3,117,481 shares of the company's stock traded hands, compared to its average volume of 1,466,216. The business has a 50-day simple moving average of $42.38 and a 200 day simple moving average of $37.63. The stock has a market cap of $5.65 billion, a P/E ratio of 7.26, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 1-year low of $17.76 and a 1-year high of $48.94.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.14. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The company had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. Equities research analysts anticipate that Qifu Technology, Inc. will post 5.71 earnings per share 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. Stockholders of record on Wednesday, April 23rd will be issued a $0.70 dividend. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Qifu Technology's previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology's dividend payout ratio is currently 23.79%.

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.