Stock Repurchase Plan Declared by FinVolution Group (NYSE:FINV)

FinVolution Group (NYSE:FINV) announced that its board has authorized a stock buyback program on Monday, March 17th, RTT News reports. The company plans to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

FinVolution Group Price Performance

Shares of NYSE:FINV opened at $10.58 on Thursday. FinVolution Group has a 1 year low of $4.63 and a 1 year high of $11.08. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 9.12 and a beta of 0.47. The company’s 50 day simple moving average is $8.03 and its 200 day simple moving average is $6.86.

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

FinVolution Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th will be given a $0.277 dividend. This represents a yield of 2%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a boost from FinVolution Group’s previous annual dividend of $0.24. FinVolution Group’s payout ratio is currently 16.80%.

Analyst Upgrades and Downgrades

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 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.