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

FinVolution Group (NYSE:FINV) announced that its Board of Directors has approved a stock repurchase plan on Monday, March 17th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase 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 stock is undervalued.

Analyst Ratings Changes

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

FinVolution Group Stock Up 17.6 %

FINV stock opened at $10.72 on Wednesday. FinVolution Group has a 52-week low of $4.45 and a 52-week high of $11.08. The stock’s 50 day moving average is $7.95 and its two-hundred day moving average is $6.84. The company has a market capitalization of $2.84 billion, a PE ratio of 9.24 and a beta of 0.47.

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. FinVolution Group had a return on equity of 16.66% and a net margin of 17.36%. The company had revenue of $473.57 million for the quarter.

FinVolution Group Increases Dividend

The company also recently declared an annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Wednesday, April 16th will be issued 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 is Wednesday, April 16th. FinVolution Group’s payout ratio is 18.10%.

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.