Arrowstreet Capital Limited Partnership Acquires 379,025 Shares of FinVolution Group (NYSE:FINV)

Arrowstreet Capital Limited Partnership lifted its holdings in FinVolution Group (NYSE:FINV) by 20.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,217,497 shares of the company’s stock after acquiring an additional 379,025 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in FinVolution Group were worth $15,057,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in FinVolution Group during the fourth quarter worth $6,360,000. JPMorgan Chase & Co. bought a new position in shares of FinVolution Group in the 4th quarter worth $688,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of FinVolution Group by 21.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 23,722 shares of the company’s stock worth $164,000 after purchasing an additional 4,146 shares during the last quarter. Leading Securities Co Ltd bought a new stake in FinVolution Group during the fourth quarter valued at about $14,091,000. Finally, Vanguard Group Inc. grew its stake in FinVolution Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,250,278 shares of the company’s stock valued at $35,649,000 after purchasing an additional 41,759 shares during the last quarter. 31.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FINV shares. UBS Group restated a “neutral” rating and issued a $11.80 price target (up from $7.80) on shares of FinVolution Group in a report on Thursday, March 20th. Citigroup raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $6.00 to $11.00 in a report on Tuesday, March 18th.

FinVolution Group Stock Performance

Shares of FINV stock opened at $8.75 on Friday. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 7.54 and a beta of 0.32. The stock’s 50-day simple moving average is $8.69 and its 200-day simple moving average is $7.23. FinVolution Group has a fifty-two week low of $4.63 and a fifty-two week high of $11.08.

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

FinVolution Group declared that its Board of Directors has authorized a share repurchase plan on Monday, March 17th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

FinVolution Group Increases Dividend

The company also recently declared an annual 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. The ex-dividend date is Wednesday, April 16th. This represents a yield of 2%. This is a boost from FinVolution Group’s previous annual dividend of $0.24. FinVolution Group’s payout ratio is currently 16.80%.

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.