FinVolution Group (NYSE:FINV) to Issue Dividend Increase – $0.28 Per Share

FinVolution Group (NYSE:FINV) declared an annual dividend on Tuesday, March 18th, Wall Street Journal reports. Stockholders of record on Wednesday, April 16th will be given a dividend of 0.277 per share on Wednesday, May 7th. This represents a dividend yield of 2%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a 16.9% increase from FinVolution Group’s previous annual dividend of $0.24.

FinVolution Group has raised its dividend by an average of 11.7% annually over the last three years. FinVolution Group has a payout ratio of 14.8% meaning its dividend is sufficiently covered by earnings.

FinVolution Group Stock Performance

Shares of FinVolution Group stock traded up $1.60 on Tuesday, hitting $10.72. The stock had a trading volume of 4,577,498 shares, compared to its average volume of 714,179. The stock has a 50 day moving average of $7.87 and a 200 day moving average of $6.80. FinVolution Group has a twelve month low of $4.45 and a twelve month high of $11.05. The firm has a market capitalization of $2.84 billion, a P/E ratio of 9.24 and a beta of 0.47.

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

FinVolution Group announced that its Board of Directors has approved 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 purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Citigroup upgraded FinVolution Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $6.00 to $11.00 in a report on Tuesday.

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.