Wellington Management Group LLP Sells 76,449 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Wellington Management Group LLP cut its stake in Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 33.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,459 shares of the company's stock after selling 76,449 shares during the quarter. Wellington Management Group LLP owned approximately 0.10% of Qifu Technology worth $5,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of QFIN. Janney Montgomery Scott LLC acquired a new position in Qifu Technology in the 4th quarter worth about $340,000. abrdn plc raised its holdings in shares of Qifu Technology by 14.7% during the 4th quarter. abrdn plc now owns 167,937 shares of the company's stock valued at $6,476,000 after purchasing an additional 21,521 shares in the last quarter. E. Ohman J or Asset Management AB acquired a new position in shares of Qifu Technology during the 4th quarter valued at about $315,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Qifu Technology by 2.0% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 275,792 shares of the company's stock worth $10,585,000 after purchasing an additional 5,492 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Qifu Technology during the fourth quarter worth approximately $203,000. 74.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

QFIN has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Qifu Technology from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Bank of America lifted 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 Stock Up 1.3%

NASDAQ QFIN traded up $0.54 during trading on Thursday, hitting $42.97. The company's stock had a trading volume of 955,291 shares, compared to its average volume of 1,577,938. The firm has a 50 day moving average price of $40.94 and a 200 day moving average price of $40.20. The firm has a market cap of $6.77 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53. Qifu Technology, Inc. has a 52 week low of $18.13 and a 52 week high of $48.94.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last issued 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. The company had revenue of $646.19 million for the quarter, compared to the consensus estimate of $4.61 billion. Qifu Technology had a return on equity of 24.39% and a net margin of 31.82%. On average, equities analysts expect that Qifu Technology, Inc. will post 5.71 earnings per share for the current year.

Qifu Technology Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Monday, June 2nd. Stockholders of record on Wednesday, April 23rd were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, April 23rd. This is a boost from Qifu Technology's previous semi-annual dividend of $0.60. This represents a dividend yield of 2.5%. Qifu Technology's payout ratio is currently 21.17%.

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.