FinVolution Group (NYSE:FINV) Hits New 1-Year High Following Dividend Announcement

FinVolution Group (NYSE:FINV)’s share price hit a new 52-week high on Monday following a dividend announcement from the company. The company traded as high as $8.97 and last traded at $8.85, with a volume of 16966 shares trading hands. The stock had previously closed at $8.71.

The newly announced dividend which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th will be given a dividend of $0.277 per share. This is a positive change from FinVolution Group’s previous annual dividend of $0.24. This represents a dividend yield of 2%. The ex-dividend date is Wednesday, April 16th. FinVolution Group’s payout ratio is presently 18.10%.

Wall Street Analyst Weigh In

Separately, Citigroup upgraded shares of FinVolution Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $11.00 in a research report on Tuesday.

FinVolution Group Trading Up 17.6 %

The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 9.24 and a beta of 0.47. The firm has a 50 day moving average price of $7.95 and a 200-day moving average price of $6.84.

FinVolution Group (NYSE:FINV) last released its quarterly earnings results on Monday, March 17th. The company reported $0.38 earnings per share (EPS) for the quarter. The business had revenue of $473.57 million during the quarter. FinVolution Group had a return on equity of 16.66% and a net margin of 17.36%.

FinVolution Group declared that its board has initiated a stock repurchase program on Monday, March 17th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of FinVolution Group during the 4th quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in FinVolution Group in the 3rd quarter valued at about $58,000. Aigen Investment Management LP acquired a new position in FinVolution Group in the 4th quarter valued at about $75,000. NewEdge Advisors LLC raised its stake in FinVolution Group by 381.1% in the 4th quarter. NewEdge Advisors LLC now owns 12,624 shares of the company’s stock valued at $86,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new position in FinVolution Group in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 31.15% of the company’s stock.

FinVolution Group Company Profile

FinVolution Group operates in the online consumer finance industry. The company operates a fintech platform that is empowered by borrowers with financial institutions. It operates in China and internationally. The company was formerly known as PPDAI Group Inc and changed its name to FinVolution Group in November 2019.