FinVolution Group (NYSE:FINV) Stock Price Down 7.1% – Here’s Why

Shares of FinVolution Group (NYSE:FINV) traded down 7.1% during mid-day trading on Wednesday . The stock traded as low as $7.64 and last traded at $7.52. 277,137 shares were traded 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.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group reiterated a “neutral” rating and set a $11.80 target price (up from $7.80) on shares of FinVolution Group in a report on Thursday, March 20th. Citigroup upgraded FinVolution Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $6.00 to $11.00 in a research report on Tuesday, March 18th.

FinVolution Group Stock Performance

The firm’s 50-day moving average is $8.73 and its 200 day moving average is $7.34. The firm has a market capitalization of $2.03 billion, a P/E ratio of 6.59 and a beta of 0.32.

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

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

FinVolution Group declared that its board has authorized a share repurchase plan on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On FinVolution Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FINV. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of FinVolution Group in the fourth quarter valued at about $28,000. Aigen Investment Management LP acquired a new position in shares of FinVolution Group during the 4th quarter worth approximately $75,000. NewEdge Advisors LLC increased its position in shares of FinVolution Group by 381.1% during the 4th 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 last quarter. Ameriprise Financial Inc. bought a new stake in shares of FinVolution Group during the 4th quarter worth approximately $90,000. Finally, SYM FINANCIAL Corp boosted its holdings in shares of FinVolution Group by 14.4% in the 4th quarter. SYM FINANCIAL Corp now owns 13,543 shares of the company’s stock valued at $92,000 after buying an additional 1,706 shares during the last quarter. 31.15% of the stock is currently owned by institutional investors and hedge funds.

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.