FinVolution Group (NYSE:FINV) Increases Dividend to $0.28 Per Share

FinVolution Group (NYSE:FINV) declared an annual dividend on Tuesday, March 18th, Wall Street Journal reports. Investors of record on Wednesday, April 16th will be given a dividend of 0.277 per share on Wednesday, May 7th. This represents a yield of 2%. The ex-dividend date is Wednesday, April 16th. This is a 16.9% increase from FinVolution Group’s previous annual dividend of $0.24.

FinVolution Group has increased its dividend payment by an average of 11.7% per year over the last three years. FinVolution Group has a payout ratio of 14.8% indicating that its dividend is sufficiently covered by earnings.

FinVolution Group Price Performance

FINV stock traded up $1.60 during midday trading on Tuesday, reaching $10.72. The company had a trading volume of 4,577,498 shares, compared to its average volume of 714,179. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 9.24 and a beta of 0.47. The stock has a 50 day moving average price of $7.87 and a 200-day moving average price of $6.80. FinVolution Group has a 1-year low of $4.45 and a 1-year high of $11.05.

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 declared that its Board of Directors has approved a stock buyback program on Monday, March 17th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Citigroup raised 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 note on Tuesday.

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.