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

Shares of Virtu Financial, Inc. (NASDAQ:VIRT) hit a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $42.31 and last traded at $41.94, with a volume of 1107927 shares traded. The stock had previously closed at $41.16.

The newly announced dividend which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, May 30th. Virtu Financial’s dividend payout ratio (DPR) is 27.75%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up previously from $38.00) on shares of Virtu Financial in a research report on Thursday, April 24th. Bank of America cut their target price on shares of Virtu Financial from $56.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Evercore ISI increased their price target on Virtu Financial from $41.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, April 24th. Piper Sandler lifted their price objective on Virtu Financial from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Finally, Morgan Stanley increased their target price on Virtu Financial from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.88.

Virtu Financial Price Performance

The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.46 and a current ratio of 1.13. The company has a 50-day moving average price of $37.28 and a 200-day moving average price of $36.52. The firm has a market capitalization of $6.50 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.68.

Virtu Financial (NASDAQ:VIRT) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.31. Virtu Financial had a return on equity of 27.39% and a net margin of 9.61%. The firm had revenue of $497.14 million for the quarter, compared to analysts’ expectations of $444.23 million. During the same quarter last year, the business earned $0.76 earnings per share. The company’s revenue was up 30.3% compared to the same quarter last year. On average, sell-side analysts predict that Virtu Financial, Inc. will post 3.13 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Stephen Cavoli sold 34,000 shares of Virtu Financial stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $36.88, for a total transaction of $1,253,920.00. Following the transaction, the executive vice president now owns 191,703 shares in the company, valued at $7,070,006.64. The trade was a 15.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Brett Fairclough sold 72,967 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $36.84, for a total value of $2,688,104.28. Following the sale, the chief operating officer now directly owns 90,749 shares of the company’s stock, valued at approximately $3,343,193.16. The trade was a 44.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 496,848 shares of company stock valued at $18,995,338. 46.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Virtu Financial

Several institutional investors have recently added to or reduced their stakes in VIRT. Foundry Partners LLC lifted its stake in Virtu Financial by 1.5% in the 1st quarter. Foundry Partners LLC now owns 18,031 shares of the financial services provider’s stock valued at $687,000 after acquiring an additional 275 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of Virtu Financial by 0.8% in the first quarter. Wedge Capital Management L L P NC now owns 33,397 shares of the financial services provider’s stock valued at $1,273,000 after acquiring an additional 281 shares during the last quarter. Blue Trust Inc. raised its holdings in Virtu Financial by 13.0% during the fourth quarter. Blue Trust Inc. now owns 2,794 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 322 shares in the last quarter. Mariner LLC raised its holdings in Virtu Financial by 4.2% during the fourth quarter. Mariner LLC now owns 8,074 shares of the financial services provider’s stock worth $288,000 after acquiring an additional 324 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in Virtu Financial by 26.0% during the first quarter. SBI Securities Co. Ltd. now owns 1,670 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 345 shares during the last quarter. 45.78% of the stock is owned by 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.