Qifu Technology (NASDAQ:QFIN) Price Target Raised to $52.70

Qifu Technology (NASDAQ:QFIN - Free Report) had its price objective hoisted by Bank of America from $50.66 to $52.70 in a research report released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Qifu Technology Stock Down 5.6 %

Shares of QFIN stock traded down $2.69 during trading hours on Wednesday, hitting $45.43. 1,634,708 shares of the company's stock traded hands, compared to its average volume of 1,434,724. The stock's fifty day simple moving average is $42.25 and its two-hundred day simple moving average is $36.78. Qifu Technology has a 12-month low of $17.76 and a 12-month high of $48.94. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 0.32 and a beta of 0.59.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (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 analysts' expectations of $581.67 million. Qifu Technology had a net margin of 31.82% and a return on equity of 24.39%. On average, equities analysts forecast that Qifu Technology will post 5.71 earnings per share for the current fiscal year.

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Qifu Technology Increases Dividend

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

Institutional Investors Weigh In On Qifu Technology

A number of large investors have recently made changes to their positions in the company. GeoWealth Management LLC bought a new position in shares of Qifu Technology in the fourth quarter worth about $26,000. Jones Financial Companies Lllp bought a new position in shares of Qifu Technology in the 4th quarter valued at about $29,000. Wilmington Savings Fund Society FSB purchased a new stake in Qifu Technology during the third quarter valued at approximately $30,000. Advisors Preferred LLC bought a new stake in shares of Qifu Technology in the 4th quarter valued at approximately $41,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Qifu Technology in the 3rd quarter worth approximately $43,000. 74.81% of the stock is currently owned by institutional investors.

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.