Lufax Holding Ltd LU shares are trading higher Thursday after the company announced its unaudited fourth-quarter financial results before the market open.
The Details:
The company reported quarterly total income of RMB6,857 million (US$966 million) compared to RMB12,318 million in the same period of 2022, representing a decrease of 44.3%.
Lufax also announced the recommendation of a special dividend in the amount of US$1.21 per ordinary share or US$2.42 per ADS, subject to the approval of shareholders at the annual general meeting to be held on May 30.
"Complex macro conditions continued to impact SBOs during the fourth quarter. Against this backdrop, we prioritized asset quality over quantity and successfully completed our five major de-risking and diversification initiatives, including four “mix” changes and one business model adjustment," said Mr. YongSuk Cho, CEO of Lufax.
Lufax expects fiscal year 2024 new loan sales to be in the range of RMB190 billion to RMB220 billion and the year-end loan balance to be in the range of RMB200 billion to RMB230 billion.
Related News: Five Below Stock Falls On Q4 Results: Here’s Why
Will LU Stock Go Up?
When trying to assess whether or not Lufax Holding LU will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $4.80 on Lufax Holding. Of all the analysts covering Lufax Holding, no one has positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lufax Holding have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lufax Holding is 40.16% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Lufax Holding, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
LU Price Action: According to Benzinga Pro, Lufax shares are up 40.4% at $4.73 at the time of publication.
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