Qifu Technology, Inc. (NASDAQ:QFIN) Plans Semi-annual Dividend of $0.70

Qifu Technology, Inc. (NASDAQ:QFIN) declared a semi-annual dividend on Thursday, March 20th, Wall Street Journal reports. Shareholders of record on Wednesday, April 23rd will be given a dividend of 0.70 per share on Monday, June 2nd. This represents a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a 16.7% increase from Qifu Technology’s previous semi-annual dividend of $0.60.

Qifu Technology has raised its dividend payment by an average of 61.5% annually over the last three years. Qifu Technology has a payout ratio of 15.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Qifu Technology to earn $6.39 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 18.8%.

Qifu Technology Trading Down 3.4 %

Shares of QFIN stock opened at $46.02 on Friday. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 9.32, a price-to-earnings-growth ratio of 0.32 and a beta of 0.59. Qifu Technology has a 12-month low of $17.76 and a 12-month high of $48.81. The stock’s 50-day moving average price is $41.20 and its 200-day moving average price is $35.84.

Analyst Upgrades and Downgrades

Separately, Citigroup raised their target price on shares of Qifu Technology from $31.44 to $37.50 and gave the company a “buy” rating in a report on Thursday, November 21st.

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.