Stock Buyback Program Declared by FinVolution Group (NYSE:FINV)

FinVolution Group (NYSE:FINV) announced that its Board of Directors has initiated a share repurchase program on Monday, March 17th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

FinVolution Group Price Performance

NYSE FINV opened at $10.72 on Wednesday. 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 has a 1-year low of $4.45 and a 1-year high of $11.08. The business’s 50-day simple moving average is $7.95 and its 200-day simple moving average is $6.84.

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

FinVolution Group Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be paid a $0.277 dividend. This is a positive change from FinVolution Group’s previous annual dividend of $0.24. This represents a dividend yield of 2%. The ex-dividend date is Wednesday, April 16th. FinVolution Group’s payout ratio is currently 18.10%.

Analysts Set New Price Targets

Separately, Citigroup raised FinVolution Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $6.00 to $11.00 in a research note on Tuesday.

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.