FinVolution Group (NYSE:FINV) Rating Increased to Buy at Citigroup

FinVolution Group (NYSE:FINV) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $11.00 target price on the stock, up from their prior target price of $6.00. Citigroup’s target price points to a potential upside of 5.57% from the company’s previous close.

FinVolution Group Price Performance

NYSE FINV traded up $1.30 during trading on Tuesday, reaching $10.42. The company’s stock had a trading volume of 1,134,826 shares, compared to its average volume of 702,802. FinVolution Group has a one year low of $4.45 and a one year high of $11.05. The stock has a market capitalization of $2.76 billion, a PE ratio of 8.84 and a beta of 0.47. The firm has a fifty day moving average of $7.87 and a 200 day moving average of $6.80.

FinVolution Group (NYSE:FINV) 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 net margin of 17.36% and a return on equity of 16.66%. The business had revenue of $473.57 million for the quarter.

FinVolution Group declared that its Board of Directors has initiated a stock repurchase program on Monday, March 17th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Trading of FinVolution Group

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of FinVolution Group by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,250,278 shares of the company’s stock worth $35,649,000 after purchasing an additional 41,759 shares during the period. State Street Corp raised its position in shares of FinVolution Group by 8.3% during the third quarter. State Street Corp now owns 3,496,614 shares of the company’s stock valued at $21,609,000 after buying an additional 268,843 shares during the last quarter. Bank of America Corp DE lifted its stake in FinVolution Group by 2.8% in the 4th quarter. Bank of America Corp DE now owns 3,162,853 shares of the company’s stock worth $21,476,000 after purchasing an additional 84,863 shares in the last quarter. Man Group plc boosted its stake in FinVolution Group by 3.4% during the fourth quarter. Man Group plc now owns 2,616,814 shares of the company’s stock valued at $17,768,000 after buying an additional 86,411 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in FinVolution Group by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,329,814 shares of the company’s stock worth $15,820,000 after acquiring an additional 19,984 shares during the last quarter. Institutional investors own 31.15% of the company’s stock.

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.