Pictet Asset Management Holding SA Sells 31,800 Shares of FinVolution Group (NYSE:FINV)

Pictet Asset Management Holding SA cut its stake in FinVolution Group (NYSE:FINV) by 18.9% during the fourth quarter, HoldingsChannel reports. The fund owned 136,500 shares of the company’s stock after selling 31,800 shares during the quarter. Pictet Asset Management Holding SA’s holdings in FinVolution Group were worth $927,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in FINV. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in FinVolution Group by 51.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,788 shares of the company’s stock valued at $3,064,000 after purchasing an additional 169,344 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of FinVolution Group in the 3rd quarter valued at about $94,000. State Street Corp grew its position in shares of FinVolution Group by 8.3% in the 3rd quarter. State Street Corp now owns 3,496,614 shares of the company’s stock worth $21,609,000 after buying an additional 268,843 shares during the last quarter. Jane Street Group LLC grew its position in shares of FinVolution Group by 229.4% in the 3rd quarter. Jane Street Group LLC now owns 185,420 shares of the company’s stock worth $1,146,000 after buying an additional 129,138 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of FinVolution Group during the 3rd quarter worth approximately $346,000. 31.15% of the stock is owned by institutional investors.

FinVolution Group Stock Performance

Shares of FINV stock opened at $8.75 on Monday. FinVolution Group has a fifty-two week low of $4.63 and a fifty-two week high of $11.08. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 7.54 and a beta of 0.32. The stock’s 50-day simple moving average is $8.69 and its 200-day simple moving average is $7.26.

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

FinVolution Group Increases Dividend

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

FinVolution Group announced that its board has authorized a stock buyback plan on Monday, March 17th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on FINV. UBS Group reaffirmed a “neutral” rating and issued a $11.80 price target (up from $7.80) on shares of FinVolution Group in a report on Thursday, March 20th. Citigroup raised FinVolution Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $6.00 to $11.00 in a research report on Tuesday, March 18th.

FinVolution Group 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.