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

Mackenzie Financial Corp purchased a new position in FinVolution Group (NYSE:FINV - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 492,221 shares of the company's stock, valued at approximately $3,342,000. Mackenzie Financial Corp owned about 0.19% of FinVolution Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FINV. Vanguard Group Inc. grew its stake in FinVolution Group by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,250,278 shares of the company's stock valued at $35,649,000 after buying an additional 41,759 shares during the last quarter. Bank of America Corp DE boosted its holdings in FinVolution Group by 2.8% during the fourth quarter. Bank of America Corp DE now owns 3,162,853 shares of the company's stock valued at $21,476,000 after acquiring an additional 84,863 shares during the period. Man Group plc boosted its stake in FinVolution Group by 3.4% during the 4th quarter. Man Group plc now owns 2,616,814 shares of the company's stock valued at $17,768,000 after purchasing an additional 86,411 shares during the period. Dimensional Fund Advisors LP raised its stake in FinVolution Group by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,329,814 shares of the company's stock valued at $15,820,000 after purchasing an additional 19,984 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in FinVolution Group by 20.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,217,497 shares of the company's stock valued at $15,057,000 after purchasing an additional 379,025 shares during the period. Institutional investors and hedge funds own 31.15% of the company's stock.

FinVolution Group Trading Up 0.1%

FINV stock traded up $0.01 during midday trading on Tuesday, hitting $8.42. The stock had a trading volume of 519,999 shares, compared to its average volume of 823,908. FinVolution Group has a 52 week low of $4.63 and a 52 week high of $11.08. The stock has a 50-day simple moving average of $8.33 and a 200 day simple moving average of $7.87. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 7.25 and a beta of 0.30.

FinVolution Group (NYSE:FINV - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $479.70 million during the quarter.

FinVolution Group announced that its board has authorized 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 purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

FinVolution Group Increases Dividend

The firm also recently declared an annual dividend, which was paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 16th were paid a dividend of $0.277 per share. This is a boost from FinVolution Group's previous annual dividend of $0.24. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a yield of 2%. FinVolution Group's dividend payout ratio (DPR) is currently 15.33%.

Wall Street Analyst Weigh In

FINV has been the topic of several research reports. Citigroup upgraded shares of FinVolution Group from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $6.00 to $11.00 in a report on Tuesday, March 18th. UBS Group upgraded FinVolution Group from a "neutral" rating to a "buy" rating and boosted their price target for the company from $11.80 to $12.10 in a research note on Friday, May 23rd.

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.