Mackenzie Financial Corp Makes New $3.34 Million Investment in FinVolution Group (NYSE:FINV)

Mackenzie Financial Corp purchased a new position in shares of FinVolution Group (NYSE:FINV) during the fourth quarter, Holdings Channel.com reports. The firm purchased 492,221 shares of the company’s stock, valued at approximately $3,342,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its holdings in shares of FinVolution Group by 13.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 224,096 shares of the company’s stock worth $1,522,000 after buying an additional 26,104 shares in the last quarter. Vise Technologies Inc. boosted its holdings in shares of FinVolution Group by 77.8% during the 4th quarter. Vise Technologies Inc. now owns 43,986 shares of the company’s stock worth $299,000 after buying an additional 19,247 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of FinVolution Group by 6.7% during the 4th quarter. Two Sigma Advisers LP now owns 410,300 shares of the company’s stock worth $2,786,000 after buying an additional 25,700 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of FinVolution Group by 15.1% in the 4th quarter. Two Sigma Investments LP now owns 521,099 shares of the company’s stock worth $3,538,000 after purchasing an additional 68,259 shares in the last quarter. Finally, Shell Asset Management Co. lifted its holdings in shares of FinVolution Group by 26.4% in the 4th quarter. Shell Asset Management Co. now owns 36,775 shares of the company’s stock worth $250,000 after purchasing an additional 7,687 shares in the last quarter. 31.15% of the stock is currently owned by institutional investors.

FinVolution Group Trading Up 1.6%

NYSE FINV opened at $8.74 on Friday. The company has a fifty day simple moving average of $8.42 and a 200 day simple moving average of $7.80. FinVolution Group has a 12-month low of $4.63 and a 12-month high of $11.08. The company has a market cap of $2.21 billion, a P/E ratio of 7.53 and a beta of 0.30.

FinVolution Group (NYSE:FINV) last posted its quarterly earnings results on Tuesday, May 20th. The company reported $0.41 earnings per share (EPS) for the quarter. FinVolution Group had a net margin of 17.36% and a return on equity of 16.66%. The business had revenue of $479.70 million during the quarter.

FinVolution Group Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th were issued a dividend of $0.277 per share. This represents a yield of 2%. This is an increase from FinVolution Group’s previous annual dividend of $0.24. The ex-dividend date of this dividend was Wednesday, April 16th. FinVolution Group’s payout ratio is currently 15.33%.

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $11.80 to $12.10 in a research report on Friday, May 23rd. Citigroup raised shares of FinVolution Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $6.00 to $11.00 in a research report on Tuesday, March 18th.

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.