Man Group plc Boosts Stake in Qifu Technology, Inc. (NASDAQ:QFIN)

Man Group plc grew its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN) by 10.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,529,897 shares of the company’s stock after buying an additional 144,328 shares during the quarter. Man Group plc’s holdings in Qifu Technology were worth $58,717,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in QFIN. Asset Management One Co. Ltd. raised its position in Qifu Technology by 66.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 32,873 shares of the company’s stock worth $1,255,000 after purchasing an additional 13,170 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Qifu Technology in the 4th quarter valued at about $298,000. KBC Group NV grew its position in Qifu Technology by 279.6% during the 4th quarter. KBC Group NV now owns 35,381 shares of the company’s stock worth $1,358,000 after acquiring an additional 26,061 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Qifu Technology by 4,272.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 7,302 shares of the company’s stock valued at $280,000 after purchasing an additional 7,135 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in Qifu Technology by 30.8% in the fourth quarter. New York State Common Retirement Fund now owns 396,570 shares of the company’s stock valued at $15,220,000 after purchasing an additional 93,409 shares during the last quarter. Institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Down 2.1%

Shares of Qifu Technology stock opened at $45.08 on Thursday. The company’s fifty day simple moving average is $41.35 and its two-hundred day simple moving average is $39.10. Qifu Technology, Inc. has a 12-month low of $18.13 and a 12-month high of $48.94. The firm has a market cap of $7.11 billion, a PE ratio of 9.13, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN) last posted its earnings results on Sunday, March 16th. The company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $581.67 million. As a group, sell-side analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd will be given a $0.70 dividend. This is a positive change from Qifu Technology’s previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology’s dividend payout ratio (DPR) is currently 23.79%.

Analysts Set New Price Targets

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

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.