Virtu Financial (NASDAQ:VIRT) Hits New 52-Week High After Dividend Announcement

Virtu Financial, Inc. (NASDAQ:VIRT) shares hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $37.00 and last traded at $36.96, with a volume of 304179 shares changing hands. The stock had previously closed at $35.94.

The newly announced dividend which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. Virtu Financial’s payout ratio is currently 48.24%.

Analyst Upgrades and Downgrades

VIRT has been the subject of several research analyst reports. Bank of America decreased their price objective on shares of Virtu Financial from $37.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Morgan Stanley upped their price objective on shares of Virtu Financial from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Citigroup upped their price objective on shares of Virtu Financial from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Piper Sandler restated an “overweight” rating and issued a $35.00 price objective on shares of Virtu Financial in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group upped their price objective on shares of Virtu Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $29.50.

Virtu Financial Stock Up 2.7 %

The stock has a market capitalization of $5.71 billion, a PE ratio of 18.54, a PEG ratio of 0.55 and a beta of 0.38. The firm’s fifty day moving average is $32.37 and its 200-day moving average is $28.01. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.23.

Virtu Financial (NASDAQ:VIRT) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.03. Virtu Financial had a net margin of 7.29% and a return on equity of 23.22%. The firm had revenue of $388.00 million during the quarter, compared to analysts’ expectations of $379.18 million. During the same period in the prior year, the company posted $0.40 earnings per share. The firm’s revenue for the quarter was up 30.2% on a year-over-year basis. On average, equities research analysts predict that Virtu Financial, Inc. will post 2.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of VIRT. USA Financial Formulas acquired a new position in shares of Virtu Financial in the 3rd quarter valued at $33,000. International Assets Investment Management LLC purchased a new position in shares of Virtu Financial in the 2nd quarter valued at $39,000. Abich Financial Wealth Management LLC raised its stake in shares of Virtu Financial by 55.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 2,193 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 781 shares during the period. Innealta Capital LLC purchased a new position in shares of Virtu Financial in the 2nd quarter valued at $46,000. Finally, First Horizon Advisors Inc. increased its stake in Virtu Financial by 21.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,143 shares of the financial services provider’s stock worth $48,000 after buying an additional 372 shares during the period. 45.78% of the stock is owned by hedge funds and other institutional investors.

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.