Virtu Financial (VIRT) Board of Directors Approves Share Buyback Program

Virtu Financial (NASDAQ:VIRT) declared that its board has approved a stock buyback plan, which authorizes the company to buyback $50.00 million in outstanding shares on Thursday, February 8th, EventVestor reports. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Several equities analysts have commented on VIRT shares. JPMorgan Chase & Co. reissued an “underweight” rating and set a $13.00 target price on shares of Virtu Financial in a research note on Wednesday, October 18th. TheStreet upgraded shares of Virtu Financial from a “d+” rating to a “c-” rating in a research report on Thursday, December 7th. Citigroup upgraded shares of Virtu Financial from a “sell” rating to a “neutral” rating and set a $15.00 price objective for the company in a research report on Wednesday, November 8th. Zacks Investment Research upgraded shares of Virtu Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, December 27th. Finally, BidaskClub upgraded shares of Virtu Financial from a “sell” rating to a “hold” rating in a research report on Saturday, December 2nd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Virtu Financial presently has a consensus rating of “Hold” and a consensus price target of $18.38.

Virtu Financial (NASDAQ VIRT) traded up $3.92 during trading hours on Thursday, hitting $23.97. 1,385,020 shares of the stock traded hands, compared to its average volume of 411,630. Virtu Financial has a one year low of $13.10 and a one year high of $24.10. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $3,884.61, a price-to-earnings ratio of 35.17 and a beta of 0.43.

Virtu Financial (NASDAQ:VIRT) last announced its earnings results on Thursday, February 8th. The financial services provider reported $0.22 EPS for the quarter, topping the consensus estimate of $0.12 by $0.10. Virtu Financial had a net margin of 0.13% and a return on equity of 11.56%. During the same period in the previous year, the business earned $0.24 earnings per share. equities analysts forecast that Virtu Financial will post 0.41 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: This report was posted by American Banking News and is the sole property of of American Banking News. If you are accessing this report on another website, it was illegally stolen and republished in violation of international copyright laws. The correct version of this report can be read at https://www.americanbankingnews.com/2018/02/08/virtu-financial-virt-board-of-directors-approves-share-buyback-program.html.

Virtu Financial Company Profile

Virtu Financial, Inc is a holding company. The Company is a technology-enabled market maker and liquidity provider to the financial markets across the world. It is engaged in buying or selling a range of securities and other financial instruments and earning small bid/ask spreads across various transactions.

Receive News & Ratings for Virtu Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtu Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply