FinVolution Group (NYSE:FINV) Upgraded by Citigroup to “Buy” Rating

Citigroup upgraded shares of FinVolution Group (NYSE:FINV) from a neutral rating to a buy rating in a report issued on Tuesday, Marketbeat Ratings reports. They currently have $11.00 price objective on the stock, up from their prior price objective of $6.00.

FinVolution Group Stock Down 6.0 %

FinVolution Group stock opened at $9.98 on Tuesday. The company’s fifty day simple moving average is $8.09 and its 200-day simple moving average is $6.88. FinVolution Group has a 12 month low of $4.63 and a 12 month high of $11.08. The stock has a market cap of $2.65 billion, a P/E ratio of 8.60 and a beta of 0.47.

FinVolution Group (NYSE:FINV) last posted its quarterly earnings results on Monday, March 17th. The company reported $0.38 EPS for the quarter. The business 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%.

FinVolution Group Increases Dividend

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

FinVolution Group announced that its Board of Directors has initiated a share buyback program on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On FinVolution Group

Large investors have recently bought and sold shares of the business. Leading Securities Co Ltd bought a new stake in FinVolution Group during the fourth quarter valued at about $14,091,000. Norges Bank bought a new stake in FinVolution Group during the fourth quarter valued at about $6,360,000. Prudential PLC bought a new stake in FinVolution Group during the fourth quarter valued at about $3,370,000. Mackenzie Financial Corp bought a new stake in FinVolution Group during the fourth quarter valued at about $3,342,000. Finally, Renaissance Group LLC bought a new stake in FinVolution Group during the fourth quarter valued at about $2,732,000. 31.15% of the stock is currently owned by 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.