FinVolution Group (NYSE:FINV) Shares Down 7.1% - Here's Why

Shares of FinVolution Group (NYSE:FINV - Get Free Report) traded down 7.1% during mid-day trading on Wednesday . The company traded as low as $7.64 and last traded at $7.52. 277,137 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 751,652 shares. The stock had previously closed at $8.10.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FINV shares. Citigroup raised shares of FinVolution Group from a "neutral" rating to a "buy" rating and upped their price objective for the company from $6.00 to $11.00 in a research note on Tuesday, March 18th. UBS Group reaffirmed a "neutral" rating and set a $11.80 price target (up previously from $7.80) on shares of FinVolution Group in a research report on Thursday, March 20th.

FinVolution Group Stock Up 3.5 %

The firm has a market cap of $2.11 billion, a P/E ratio of 6.84 and a beta of 0.32. The firm's fifty day moving average is $8.73 and its two-hundred day moving average is $7.36.

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

FinVolution Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.277 per share. 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 payout ratio is 16.80%.

FinVolution Group declared that its Board of Directors has initiated a share buyback plan on Monday, March 17th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On FinVolution Group

A number of institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of FinVolution Group in the 4th quarter worth about $28,000. Aigen Investment Management LP bought a new stake in FinVolution Group during the 4th quarter valued at about $75,000. NewEdge Advisors LLC raised its holdings in FinVolution Group by 381.1% in the fourth quarter. NewEdge Advisors LLC now owns 12,624 shares of the company's stock worth $86,000 after buying an additional 10,000 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of FinVolution Group in the fourth quarter worth approximately $90,000. Finally, SYM FINANCIAL Corp lifted its stake in shares of FinVolution Group by 14.4% in the fourth quarter. SYM FINANCIAL Corp now owns 13,543 shares of the company's stock worth $92,000 after buying an additional 1,706 shares in the last quarter. 31.15% of the stock is owned by hedge funds and other institutional investors.

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.