FinVolution Group (NYSE:FINV) Trading Up 5.2% – Here’s What Happened

Shares of FinVolution Group (NYSE:FINV) were up 5.2% during trading on Thursday . The stock traded as high as $10.29 and last traded at $10.33. Approximately 666,107 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 722,862 shares. The stock had previously closed at $9.81.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FINV shares. Citigroup upgraded FinVolution Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $6.00 to $11.00 in a research note on Tuesday, March 18th. UBS Group reissued a “neutral” rating and set a $11.80 target price (up previously from $7.80) on shares of FinVolution Group in a research note on Thursday, March 20th.

FinVolution Group Stock Performance

The stock has a market capitalization of $2.75 billion, a PE ratio of 8.94 and a beta of 0.47. The firm’s 50 day moving average is $8.33 and its two-hundred day moving average is $7.02.

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

FinVolution Group Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be paid a $0.277 dividend. This represents a dividend 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 dividend payout ratio (DPR) is presently 16.80%.

FinVolution Group announced that its board has authorized a share buyback program on Monday, March 17th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of FinVolution Group

Several hedge funds have recently added to or reduced their stakes in FINV. Vanguard Group Inc. increased its position in shares of FinVolution Group by 0.8% in the 4th 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. State Street Corp grew its stake in shares of FinVolution Group by 8.3% during the third quarter. State Street Corp now owns 3,496,614 shares of the company’s stock worth $21,609,000 after purchasing an additional 268,843 shares in the last quarter. Bank of America Corp DE increased its holdings in FinVolution Group by 2.8% in the fourth quarter. Bank of America Corp DE now owns 3,162,853 shares of the company’s stock valued at $21,476,000 after buying an additional 84,863 shares during the last quarter. Man Group plc raised its stake in FinVolution Group by 3.4% in the fourth quarter. Man Group plc now owns 2,616,814 shares of the company’s stock valued at $17,768,000 after buying an additional 86,411 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in FinVolution Group by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,329,814 shares of the company’s stock valued at $15,820,000 after buying an additional 19,984 shares in the last quarter. Institutional investors and hedge funds own 31.15% of the company’s stock.

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.