Bank of America Corp DE Sells 3,275,858 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Bank of America Corp DE trimmed its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 91.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 316,636 shares of the company's stock after selling 3,275,858 shares during the quarter. Bank of America Corp DE owned 0.20% of Qifu Technology worth $12,152,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. GeoWealth Management LLC bought a new position in Qifu Technology in the 4th quarter valued at $26,000. Jones Financial Companies Lllp purchased a new stake in shares of Qifu Technology in the 4th quarter valued at about $29,000. Advisors Preferred LLC bought a new stake in Qifu Technology in the 4th quarter worth approximately $41,000. Global Retirement Partners LLC lifted its position in Qifu Technology by 80.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock worth $45,000 after buying an additional 518 shares during the last quarter. Finally, BOCHK Asset Management Ltd purchased a new position in shares of Qifu Technology during the fourth quarter valued at approximately $46,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Qifu Technology Stock Performance

Shares of QFIN stock traded up $0.39 during trading hours on Wednesday, reaching $42.94. The company had a trading volume of 196,400 shares, compared to its average volume of 1,569,577. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 12-month low of $18.13 and a 12-month high of $48.94. The stock has a fifty day moving average of $41.41 and a 200-day moving average of $39.81.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last announced its quarterly earnings data on Monday, May 19th. The company reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.02. The business had revenue of $646.19 million for the quarter, compared to analysts' expectations of $4.61 billion. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The company also recently announced 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 is a boost from Qifu Technology's previous semi-annual dividend of $0.60. This represents a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Qifu Technology's payout ratio is presently 21.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on QFIN shares. Wall Street Zen raised Qifu Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday. Bank of America raised their price objective on Qifu Technology from $50.66 to $52.70 and gave the company 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.