Northern Trust Corp Acquires 384,948 Shares of Qifu Technology, Inc. (NASDAQ:QFIN)

Northern Trust Corp grew its position in shares of Qifu Technology, Inc. (NASDAQ:QFIN - Free Report) by 116.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 716,467 shares of the company's stock after acquiring an additional 384,948 shares during the quarter. Northern Trust Corp owned about 0.45% of Qifu Technology worth $27,498,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. purchased a new position in shares of Qifu Technology during the fourth quarter valued at approximately $92,150,000. Arrowstreet Capital Limited Partnership lifted its holdings in Qifu Technology by 10.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,478,319 shares of the company's stock worth $56,738,000 after purchasing an additional 134,326 shares in the last quarter. Causeway Capital Management LLC lifted its holdings in Qifu Technology by 0.3% during the 4th quarter. Causeway Capital Management LLC now owns 1,377,475 shares of the company's stock worth $52,867,000 after purchasing an additional 4,137 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Qifu Technology by 67.5% in the 4th quarter. Marshall Wace LLP now owns 1,351,277 shares of the company's stock valued at $51,862,000 after acquiring an additional 544,666 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Qifu Technology in the 4th quarter valued at about $46,579,000. Institutional investors own 74.81% of the company's stock.

Wall Street Analyst Weigh In

Separately, Bank of America increased their price objective 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

QFIN traded up $0.60 on Tuesday, hitting $46.05. 1,309,895 shares of the company were exchanged, compared to its average volume of 1,552,033. The firm has a fifty day simple moving average of $41.25 and a two-hundred day simple moving average of $39.05. Qifu Technology, Inc. has a 12 month low of $18.13 and a 12 month high of $48.94. The stock has a market capitalization of $7.26 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.32 and a beta of 0.53.

Qifu Technology (NASDAQ:QFIN - Get Free Report) last posted its quarterly 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 business had revenue of $613.89 million for the quarter, compared to analyst estimates of $581.67 million. 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 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%.

Qifu Technology Company 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.