Qifu Technology (NASDAQ:QFIN) Posts Quarterly Earnings Results

Qifu Technology (NASDAQ:QFIN) released its quarterly earnings data on Monday. The company reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.02, Zacks reports. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%.

Qifu Technology Trading Down 0.7%

Shares of NASDAQ QFIN traded down $0.32 during midday trading on Monday, hitting $43.95. 1,925,974 shares of the company’s stock were exchanged, compared to its average volume of 1,564,933. Qifu Technology has a 12-month low of $18.13 and a 12-month high of $48.94. The company has a market cap of $6.93 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.32 and a beta of 0.53. The business’s fifty day moving average price is $41.62 and its two-hundred day moving average price is $39.36.

Qifu Technology Increases Dividend

The company also recently declared 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%. This is an increase from Qifu Technology’s previous semi-annual dividend of $0.60. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio is presently 23.79%.

Analyst Upgrades and Downgrades

Separately, Bank of America lifted 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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of Qifu Technology by 51.7% during the first quarter. Royal Bank of Canada now owns 6,508 shares of the company’s stock valued at $293,000 after buying an additional 2,219 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Qifu Technology during the 1st quarter valued at approximately $29,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Qifu Technology by 32.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,603,830 shares of the company’s stock valued at $72,028,000 after purchasing an additional 395,589 shares in the last quarter. 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.