Qifu Technology, Inc. (NASDAQ:QFIN) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its stake in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 85.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,810 shares of the company's stock after selling 62,756 shares during the quarter. California State Teachers Retirement System's holdings in Qifu Technology were worth $415,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of QFIN. GeoWealth Management LLC acquired a new stake in Qifu Technology in the fourth quarter valued at $26,000. Jones Financial Companies Lllp acquired a new stake in Qifu Technology in the fourth quarter valued at $29,000. Global Retirement Partners LLC lifted its holdings in Qifu Technology by 80.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,164 shares of the company's stock valued at $45,000 after acquiring an additional 518 shares during the period. Virtus Investment Advisers Inc. acquired a new stake in Qifu Technology in the fourth quarter valued at $61,000. Finally, iA Global Asset Management Inc. purchased a new position in shares of Qifu Technology in the fourth quarter valued at $93,000. 74.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QFIN has been the subject of a number of research analyst reports. Wall Street Zen cut Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Sunday, June 1st. Bank of America raised their price target on Qifu Technology from $50.66 to $52.70 and gave the company a "buy" rating in a research report on Wednesday, March 26th.

Qifu Technology Stock Performance

Shares of NASDAQ:QFIN traded down $0.31 during trading on Friday, reaching $41.69. 1,741,628 shares of the stock were exchanged, compared to its average volume of 1,583,509. 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 $6.57 billion, a price-to-earnings ratio of 8.44, a price-to-earnings-growth ratio of 0.32 and a beta of 0.49. The firm's 50-day moving average price is $41.07 and its 200 day moving average price is $40.61.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last released its quarterly earnings results on Monday, May 19th. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.72 by $0.02. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. The firm had revenue of $646.19 million for the quarter, compared to analyst estimates of $4.61 billion. As a group, equities research analysts forecast that Qifu Technology, Inc. will post 5.71 EPS for the current year.

Qifu Technology Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd were 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 was Wednesday, April 23rd. Qifu Technology's payout ratio is 21.17%.

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.