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

FinVolution Group (NYSE:FINV) declared that its board has approved a stock buyback plan on Monday, March 17th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

FinVolution Group Stock Down 1.3 %

Shares of NYSE:FINV opened at $10.58 on Thursday. FinVolution Group has a 12-month low of $4.63 and a 12-month high of $11.08. The business has a 50 day moving average of $8.03 and a 200-day moving average of $6.86. The stock has a market cap of $2.81 billion, a PE ratio of 9.12 and a beta of 0.47.

FinVolution Group (NYSE:FINV) last released its quarterly earnings results on Monday, March 17th. The company reported $0.38 earnings per share (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 Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, Citigroup upgraded shares of FinVolution Group from a “neutral” rating to a “buy” rating and raised 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.