FinVolution Group (NYSE:FINV) Shares Gap Up Following Dividend Announcement

Shares of FinVolution Group (NYSE:FINV - Get Free Report) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $9.12, but opened at $10.00. FinVolution Group shares last traded at $10.36, with a volume of 1,384,657 shares.

The newly announced dividend which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be paid a dividend of $0.277 per share. This is an increase from FinVolution Group's previous annual dividend of $0.24. This represents a dividend yield of 2%. The ex-dividend date is Wednesday, April 16th. FinVolution Group's payout ratio is currently 16.80%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FINV. Citigroup upgraded shares of FinVolution Group from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $6.00 to $11.00 in a research report on Tuesday. UBS Group restated a "neutral" rating and issued a $11.80 price target (up from $7.80) on shares of FinVolution Group in a research note on Thursday.

FinVolution Group Stock Up 0.4 %

The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 8.64 and a beta of 0.47. The company's 50 day moving average is $8.16 and its 200 day moving average is $6.93.

FinVolution Group (NYSE:FINV - Get Free Report) last announced its earnings results on Monday, March 17th. The company reported $0.38 EPS for the quarter. The company had revenue of $473.57 million for the quarter. FinVolution Group had a net margin of 17.36% and a return on equity of 16.66%.

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FinVolution Group announced that its board has initiated a stock repurchase program on Monday, March 17th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FINV. Mirae Asset Global Investments Co. Ltd. bought a new position in FinVolution Group in the 4th quarter valued at about $28,000. Point72 Asia Singapore Pte. Ltd. bought a new position in FinVolution Group in the third quarter valued at approximately $58,000. Aigen Investment Management LP bought a new position in FinVolution Group in the fourth quarter valued at approximately $75,000. NewEdge Advisors LLC raised its position in FinVolution Group by 381.1% during the fourth quarter. NewEdge Advisors LLC now owns 12,624 shares of the company's stock valued at $86,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in shares of FinVolution Group in the 4th quarter valued at $90,000. Institutional investors and hedge funds own 31.15% of the company's stock.

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.