FinVolution Group (NYSE:FINV) Upgraded at Citigroup

Citigroup upgraded shares of FinVolution Group (NYSE:FINV) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, Marketbeat reports. The firm currently has $11.00 target price on the stock, up from their prior target price of $6.00.

FinVolution Group Price Performance

FINV opened at $9.98 on Tuesday. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 8.60 and a beta of 0.47. FinVolution Group has a 1-year low of $4.63 and a 1-year high of $11.08. The business has a 50 day moving average price of $8.09 and a two-hundred day moving average price of $6.88.

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

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

FinVolution Group Increases Dividend

The business also recently declared an annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th will be issued a $0.277 dividend. The ex-dividend date is Wednesday, April 16th. This represents a dividend yield of 2%. This is a boost from FinVolution Group’s previous annual dividend of $0.24. FinVolution Group’s dividend payout ratio is currently 16.80%.

Institutional Trading of FinVolution Group

Large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in FinVolution Group during the 4th quarter valued at $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FinVolution Group during the 3rd quarter valued at $58,000. Aigen Investment Management LP acquired a new stake in FinVolution Group during the 4th quarter valued at $75,000. NewEdge Advisors LLC raised its stake in FinVolution Group by 381.1% during the 4th 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 during the period. Finally, Ameriprise Financial Inc. acquired a new stake in FinVolution Group during the 4th quarter valued at $90,000. 31.15% of the stock is owned by institutional investors and hedge funds.

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.