496,340 Shares in FinVolution Group (NYSE:FINV) Bought by Prudential PLC

Prudential PLC purchased a new stake in FinVolution Group (NYSE:FINV) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 496,340 shares of the company’s stock, valued at approximately $3,370,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of FinVolution Group by 51.9% during the 3rd 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 purchasing an additional 169,344 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in FinVolution Group during the 3rd quarter worth about $58,000. Quadrature Capital Ltd acquired a new position in shares of FinVolution Group during the 3rd quarter worth about $94,000. State Street Corp increased its holdings 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 valued at $21,609,000 after acquiring an additional 268,843 shares during the last quarter. Finally, Jane Street Group LLC raised its position in shares of FinVolution Group by 229.4% during the 3rd quarter. Jane Street Group LLC now owns 185,420 shares of the company’s stock worth $1,146,000 after acquiring an additional 129,138 shares in the last quarter. Hedge funds and other institutional investors own 31.15% of the company’s stock.

Wall Street Analysts Forecast Growth

FINV has been the subject of a number of research analyst reports. 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 shares of FinVolution Group from a “neutral” rating to a “buy” rating and increased their target price for the company from $6.00 to $11.00 in a research report on Tuesday, March 18th.

FinVolution Group Stock Performance

FinVolution Group stock opened at $8.75 on Friday. The company has a market capitalization of $2.32 billion, a P/E ratio of 7.54 and a beta of 0.32. FinVolution Group has a fifty-two week low of $4.63 and a fifty-two week high of $11.08. The stock has a 50-day simple moving average of $8.69 and a 200-day simple moving average of $7.24.

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

FinVolution Group announced that its Board of Directors has approved a share repurchase plan on Monday, March 17th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

FinVolution Group Increases Dividend

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

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.