Wells Fargo & Company MN Grows Stock Position in Qifu Technology, Inc. (NASDAQ:QFIN)

Wells Fargo & Company MN increased its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN) by 1,392.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,595 shares of the company’s stock after purchasing an additional 5,220 shares during the quarter. Wells Fargo & Company MN’s holdings in Qifu Technology were worth $215,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Alliancebernstein L.P. acquired a new position in shares of Qifu Technology during the fourth quarter worth about $92,150,000. Arrowstreet Capital Limited Partnership lifted its stake in Qifu Technology by 10.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,478,319 shares of the company’s stock worth $56,738,000 after acquiring an additional 134,326 shares during the last quarter. Norges Bank acquired a new position in Qifu Technology during the 4th quarter worth approximately $46,579,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Qifu Technology by 12.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 919,967 shares of the company’s stock valued at $35,308,000 after purchasing an additional 99,624 shares during the last quarter. Finally, Swedbank AB raised its holdings in shares of Qifu Technology by 18.7% in the 4th quarter. Swedbank AB now owns 895,300 shares of the company’s stock valued at $34,362,000 after purchasing an additional 141,000 shares in the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.

Qifu Technology Stock Performance

Shares of NASDAQ QFIN opened at $43.00 on Friday. The stock’s 50-day simple moving average is $41.15 and its 200-day simple moving average is $38.85. The firm has a market capitalization of $6.78 billion, a PE ratio of 8.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a fifty-two week low of $18.13 and a fifty-two week high of $48.94.

Qifu Technology (NASDAQ:QFIN) last released its quarterly earnings data on Sunday, March 16th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $581.67 million. On average, sell-side analysts forecast that Qifu Technology, Inc. will post 5.71 earnings per share for the current fiscal year.

Qifu Technology Increases Dividend

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

Wall Street Analyst Weigh In

Separately, Bank of America boosted their target price on shares of Qifu Technology from $50.66 to $52.70 and gave the stock a “buy” rating in a research note 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.