FinVolution Group (NYSE:FINV) Announces Dividend Increase – $0.28 Per Share

FinVolution Group (NYSE:FINV) announced an annual dividend on Monday, March 17th, Wall Street Journal reports. Investors of record on Wednesday, April 16th will be paid a dividend of 0.277 per share on Wednesday, May 7th. This represents a dividend yield of 2%. The ex-dividend date is Wednesday, April 16th. This is a 16.9% increase from FinVolution Group’s previous annual dividend of $0.24.

FinVolution Group has increased its dividend by an average of 11.7% per year over the last three years. FinVolution Group has a dividend payout ratio of 14.8% indicating that its dividend is sufficiently covered by earnings.

FinVolution Group Stock Performance

Shares of NYSE:FINV traded up $1.60 during midday trading on Tuesday, hitting $10.72. 4,578,425 shares of the stock were exchanged, compared to its average volume of 714,181. FinVolution Group has a 52-week low of $4.45 and a 52-week high of $11.05. The business’s fifty day simple moving average is $7.87 and its two-hundred day simple moving average is $6.80. 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 announced 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 business had revenue of $473.57 million during the quarter.

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

Wall Street Analyst Weigh In

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

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.