FinVolution Group (NYSE:FINV - Get Free Report) reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The company 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 given a $0.277 dividend. This is a boost from FinVolution Group's previous annual dividend of $0.24. This represents a dividend yield of 2%. The ex-dividend date of this dividend is Wednesday, April 16th. FinVolution Group's payout ratio is currently 16.80%.
Analysts Set New Price Targets
FINV has been the subject of a number of analyst reports. UBS Group reaffirmed a "neutral" rating and set a $11.80 price objective (up previously from $7.80) on shares of FinVolution Group in a research report on Thursday. Citigroup upgraded FinVolution Group from a "neutral" rating to a "buy" rating and raised their price target for the company from $6.00 to $11.00 in a report on Tuesday.
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FinVolution Group Price Performance
The stock has a market cap of $2.66 billion, a P/E ratio of 8.64 and a beta of 0.47. The firm's 50 day moving average price is $8.09 and its 200-day moving average price is $6.88.
FinVolution Group (NYSE:FINV - Get Free Report) last issued its earnings results on Monday, March 17th. The company reported $0.38 EPS for the quarter. FinVolution Group had a return on equity of 16.66% and a net margin of 17.36%. The business had revenue of $473.57 million for the quarter.
FinVolution Group announced that its board has approved a stock repurchase program on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.
Hedge Funds Weigh In On FinVolution Group
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ascent Group LLC raised its holdings in shares of FinVolution Group by 55.6% during the fourth quarter. Ascent Group LLC now owns 25,866 shares of the company's stock valued at $176,000 after purchasing an additional 9,239 shares during the last quarter. Mackenzie Financial Corp bought a new stake in FinVolution Group in the 4th quarter worth approximately $3,342,000. Public Employees Retirement System of Ohio grew its position in FinVolution Group by 13.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 224,096 shares of the company's stock worth $1,522,000 after purchasing an additional 26,104 shares during the period. Vise Technologies Inc. raised its stake in FinVolution Group by 77.8% during the 4th quarter. Vise Technologies Inc. now owns 43,986 shares of the company's stock valued at $299,000 after buying an additional 19,247 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of FinVolution Group by 6.7% during the 4th quarter. Two Sigma Advisers LP now owns 410,300 shares of the company's stock valued at $2,786,000 after buying an additional 25,700 shares during the period. Institutional investors own 31.15% of the company's stock.
FinVolution Group Company Profile
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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.
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