Citigroup upgraded shares of FinVolution Group (NYSE:FINV - Free Report) from a neutral rating to a buy rating in a report published on Tuesday morning, Marketbeat reports. Citigroup currently has $11.00 price objective on the stock, up from their previous price objective of $6.00.
FinVolution Group Price Performance
FinVolution Group stock traded up $0.04 during mid-day trading on Tuesday, hitting $10.03. 1,593,306 shares of the company's stock traded hands, compared to its average volume of 720,930. The firm has a 50 day simple moving average of $8.16 and a two-hundred day simple moving average of $6.93. FinVolution Group has a fifty-two week low of $4.63 and a fifty-two week high of $11.08. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 8.64 and a beta of 0.47.
FinVolution Group (NYSE:FINV - Get Free Report) last announced its quarterly earnings results on Monday, March 17th. The company reported $0.38 earnings per share (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 during the quarter.
FinVolution Group announced that its board has authorized a share buyback program on Monday, March 17th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.
FinVolution Group Increases Dividend
The company 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. The ex-dividend date is Wednesday, April 16th. This represents a dividend yield of 2%. This is an increase from FinVolution Group's previous annual dividend of $0.24. FinVolution Group's dividend payout ratio (DPR) is currently 16.80%.
Institutional Investors Weigh In On FinVolution Group
Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of FinVolution Group during the fourth quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FinVolution Group in the third quarter worth $58,000. Aigen Investment Management LP bought a new position in shares of FinVolution Group in the fourth quarter worth $75,000. NewEdge Advisors LLC increased its position in shares of 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 purchasing an additional 10,000 shares during the period. Finally, Ameriprise Financial Inc. bought a new position in shares of FinVolution Group in the fourth quarter worth $90,000. Institutional investors and hedge funds own 31.15% of the company's stock.
FinVolution Group Company Profile
(
Get Free Report)
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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