Virtu Financial (NASDAQ:VIRT) Reaches New 1-Year High Following Dividend Announcement

Virtu Financial, Inc. (NASDAQ:VIRT)’s stock price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $38.45 and last traded at $37.53, with a volume of 80600 shares trading hands. The stock had previously closed at $36.71.

The newly announced dividend which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Friday, November 29th. Virtu Financial’s payout ratio is 48.24%.

Analyst Ratings Changes

A number of brokerages have recently commented on VIRT. Bank of America cut their price target on shares of Virtu Financial from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley lifted their target price on Virtu Financial from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Piper Sandler reiterated an “overweight” rating and issued a $35.00 price target on shares of Virtu Financial in a research report on Thursday, October 24th. Citigroup raised their price objective on Virtu Financial from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group upped their target price on Virtu Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, September 30th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.50.

Virtu Financial Price Performance

The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.47 and a current ratio of 0.47. The business has a 50 day moving average price of $32.99 and a 200-day moving average price of $28.58. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 0.58 and a beta of 0.38.

Virtu Financial (NASDAQ:VIRT) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.03. The firm had revenue of $388.00 million for the quarter, compared to analyst estimates of $379.18 million. Virtu Financial had a return on equity of 23.22% and a net margin of 7.29%. The company’s revenue was up 30.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share. Research analysts predict that Virtu Financial, Inc. will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Virtu Financial

A number of large investors have recently bought and sold shares of the stock. USA Financial Formulas bought a new position in shares of Virtu Financial during the 3rd quarter worth about $33,000. International Assets Investment Management LLC acquired a new position in Virtu Financial during the 2nd quarter worth approximately $39,000. Abich Financial Wealth Management LLC boosted its holdings in Virtu Financial by 55.3% in the first quarter. Abich Financial Wealth Management LLC now owns 2,193 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 781 shares in the last quarter. Innealta Capital LLC bought a new position in Virtu Financial in the second quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. grew its stake in Virtu Financial by 21.0% in the second quarter. First Horizon Advisors Inc. now owns 2,143 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 372 shares during the period. 45.78% of the stock is currently owned by institutional investors and hedge funds.

About Virtu Financial

Virtu Financial, Inc operates as a financial services company in the United States, Asia Pacific, Canada, EMEA, Ireland, and internationally. The company operates through two segments, Market Making and Execution Services. Its product includes offerings in execution, liquidity sourcing, analytics and broker-neutral, capital markets, and multi-dealer platforms in workflow technology.