FinVolution Group (NYSE:FINV) Reaches New 1-Year High After Dividend Announcement

Shares of FinVolution Group (NYSE:FINV) reached a new 52-week high during trading 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 traded. 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 represents a yield of 2%. This is a boost from FinVolution Group’s previous annual dividend of $0.24. The ex-dividend date of this dividend is Wednesday, April 16th. FinVolution Group’s dividend payout ratio (DPR) is presently 18.10%.

Analyst Upgrades and Downgrades

Separately, Citigroup raised FinVolution Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $6.00 to $11.00 in a research report on Tuesday.

FinVolution Group Stock Performance

The business has a 50-day simple moving average of $7.95 and a two-hundred day simple moving average of $6.84. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 9.24 and a beta of 0.47.

FinVolution Group (NYSE:FINV) last posted its quarterly earnings results on Monday, March 17th. The company reported $0.38 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 announced that its board has approved a stock repurchase 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of FinVolution Group

Hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of FinVolution Group in the 4th quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in FinVolution Group in the 3rd quarter valued at approximately $58,000. Aigen Investment Management LP purchased a new position in FinVolution Group in the 4th quarter valued at approximately $75,000. NewEdge Advisors LLC increased 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 in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in FinVolution Group in the 4th quarter valued at approximately $90,000. 31.15% of the stock is owned by institutional investors and hedge funds.

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.