FinVolution Group (NYSE:FINV – Get Free Report) announced an annual dividend on Monday, March 17th, Wall Street Journal reports. Stockholders of record on Wednesday, April 16th will be given a dividend of 0.277 per share on Wednesday, May 7th. This represents a dividend yield of 2%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a 16.9% increase from FinVolution Group’s previous annual dividend of $0.24.
FinVolution Group has raised its dividend by an average of 11.7% per year over the last three years. FinVolution Group has a payout ratio of 14.8% meaning its dividend is sufficiently covered by earnings.
FinVolution Group Price Performance
FINV stock opened at $10.72 on Wednesday. FinVolution Group has a 52-week low of $4.45 and a 52-week high of $11.25. The company’s 50 day simple moving average is $7.95 and its 200-day simple moving average is $6.84. The firm has a market capitalization of $2.84 billion, a P/E ratio of 9.24 and a beta of 0.47.
Wall Street Analyst Weigh In
Separately, Citigroup raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $11.00 in a research report on Tuesday.
Read Our Latest Stock Analysis on FinVolution Group
FinVolution Group announced that its board has approved a stock buyback program on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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.
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