FinVolution Group (NYSE:FINV) Hits New 1-Year High Following Dividend Announcement

FinVolution Group (NYSE:FINV)’s share price hit a new 52-week high on Monday after the company announced a dividend. The stock traded as high as $8.97 and last traded at $8.85, with a volume of 16966 shares changing hands. The stock had previously closed at $8.71.

The newly announced dividend which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be issued a $0.277 dividend. This represents a dividend yield of 2%. This is a boost from FinVolution Group’s previous annual dividend of $0.24. The ex-dividend date is Wednesday, April 16th. FinVolution Group’s payout ratio is presently 18.10%.

Wall Street Analysts Forecast Growth

Separately, Citigroup raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $6.00 to $11.00 in a report on Tuesday.

FinVolution Group Trading Up 17.6 %

The business’s fifty day moving average price is $7.95 and its 200 day moving average price is $6.84. The firm 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 data on Monday, March 17th. The company reported $0.38 earnings per share for the quarter. FinVolution Group had a net margin of 17.36% and a return on equity of 16.66%. The firm had revenue of $473.57 million for the quarter.

FinVolution Group declared that its board 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On FinVolution Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. WealthCollab LLC grew its position in FinVolution Group by 8.5% in the 4th quarter. WealthCollab LLC now owns 18,708 shares of the company’s stock valued at $127,000 after buying an additional 1,459 shares during the last quarter. SYM FINANCIAL Corp grew its position in FinVolution Group by 14.4% in the 4th quarter. SYM FINANCIAL Corp now owns 13,543 shares of the company’s stock valued at $92,000 after buying an additional 1,706 shares during the last quarter. LPL Financial LLC grew its position in FinVolution Group by 5.3% in the 4th quarter. LPL Financial LLC now owns 44,870 shares of the company’s stock valued at $305,000 after buying an additional 2,257 shares during the last quarter. Geode Capital Management LLC grew its position in FinVolution Group by 4.4% in the 3rd quarter. Geode Capital Management LLC now owns 74,723 shares of the company’s stock valued at $462,000 after buying an additional 3,164 shares during the last quarter. Finally, Lester Murray Antman dba SimplyRich boosted its position in shares of FinVolution Group by 8.0% during the 4th quarter. Lester Murray Antman dba SimplyRich now owns 45,307 shares of the company’s stock worth $307,000 after purchasing an additional 3,348 shares in the last quarter. 31.15% of the stock is currently owned by hedge funds and other institutional investors.

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.