FinVolution Group (NYSE:FINV) Sees Significant Decline in Short Interest

FinVolution Group (NYSE:FINV) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 2,350,000 shares, a drop of 12.6% from the February 28th total of 2,690,000 shares. Approximately 1.6% of the company’s shares are sold short. Based on an average daily volume of 899,800 shares, the days-to-cover ratio is currently 2.6 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup raised shares of 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 research report on Tuesday, March 18th. UBS Group reaffirmed a “neutral” rating and set a $11.80 price objective (up previously from $7.80) on shares of FinVolution Group in a research report on Thursday, March 20th.

FinVolution Group Trading Up 4.8 %

FINV stock opened at $10.09 on Wednesday. The business’s fifty day moving average price is $8.56 and its 200 day moving average price is $7.17. FinVolution Group has a 12-month low of $4.63 and a 12-month high of $11.08. The company has a market capitalization of $2.68 billion, a PE ratio of 8.70 and a beta of 0.47.

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

FinVolution Group Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th will be paid a $0.277 dividend. 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. This represents a dividend yield of 2%. FinVolution Group’s payout ratio is 16.80%.

FinVolution Group announced that its Board of Directors has initiated a stock repurchase plan on Monday, March 17th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of FinVolution Group

Several hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted 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 worth $3,064,000 after acquiring an additional 169,344 shares during the last quarter. Jane Street Group LLC raised its holdings 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 valued at $1,146,000 after purchasing an additional 129,138 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of FinVolution Group by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 74,723 shares of the company’s stock worth $462,000 after purchasing an additional 3,164 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of FinVolution Group during the fourth quarter worth $28,000. Finally, Public Employees Retirement System of Ohio purchased a new position in FinVolution Group in the third quarter valued at $1,224,000. 31.15% of the stock is currently owned by institutional investors and hedge funds.

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.