Virtu Financial (NASDAQ:VIRT) Reaches New 12-Month High Following Dividend Announcement

Virtu Financial, Inc. (NASDAQ:VIRT) reached a new 52-week high on Wednesday following a dividend announcement from the company. 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. The ex-dividend date is Friday, November 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.57%. Virtu Financial’s payout ratio is 48.24%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VIRT shares. The Goldman Sachs Group boosted their price objective on Virtu Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday, September 30th. Bank of America reduced their target price on Virtu Financial from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Piper Sandler reissued an “overweight” rating and issued a $35.00 target price on shares of Virtu Financial in a research note on Thursday, October 24th. Morgan Stanley increased their price objective on Virtu Financial from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Citigroup increased their price objective on Virtu Financial from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $29.50.

Virtu Financial Price Performance

The business has a fifty day simple moving average of $32.89 and a two-hundred day simple moving average of $28.52. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.23. The stock has a market cap of $5.77 billion, a PE ratio of 18.85, 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 for the quarter, topping the consensus estimate of $0.79 by $0.03. The company had revenue of $388.00 million for the quarter, compared to analysts’ expectations of $379.18 million. Virtu Financial had a return on equity of 23.22% and a net margin of 7.29%. The firm’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 earnings per share. Research analysts forecast that Virtu Financial, Inc. will post 2.71 earnings per share for the current year.

Institutional Trading of Virtu Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. USA Financial Formulas purchased a new stake in Virtu Financial in the third quarter worth about $33,000. International Assets Investment Management LLC purchased a new stake in shares of Virtu Financial in the 2nd quarter worth approximately $39,000. Abich Financial Wealth Management LLC grew 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 worth $45,000 after buying an additional 781 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Virtu Financial in the 2nd quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Virtu Financial by 21.0% in 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 last quarter. 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.