FinVolution Group (NYSE:FINV) Shares Gap Up After Dividend Announcement

Shares of FinVolution Group (NYSE:FINV) gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $9.12, but opened at $10.00. FinVolution Group shares last traded at $10.36, with a volume of 1,384,657 shares trading hands.

The newly announced dividend which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th will be issued 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 yield of 2%. The ex-dividend date is Wednesday, April 16th. FinVolution Group’s dividend payout ratio (DPR) is 16.80%.

Analyst Ratings Changes

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

FinVolution Group Stock Down 1.3 %

The stock has a market cap of $2.81 billion, a P/E ratio of 9.12 and a beta of 0.47. The company’s 50 day moving average price is $8.03 and its two-hundred day moving average price is $6.86.

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

FinVolution Group announced that its board has approved a share buyback plan on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On FinVolution Group

A number of hedge funds have recently made changes to their positions in FINV. Mirae Asset Global Investments Co. Ltd. purchased a new position in FinVolution Group during the fourth quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FinVolution Group in the third quarter valued at approximately $58,000. Aigen Investment Management LP purchased a new stake in shares of FinVolution Group during the fourth quarter worth $75,000. NewEdge Advisors LLC boosted its stake in shares of 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 buying an additional 10,000 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in FinVolution Group during the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 31.15% of the company’s stock.

About FinVolution Group

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.