Virtu Financial, Inc. (NASDAQ:VIRT – Get Rating)’s share price dropped 6.2% on Tuesday after UBS Group lowered their price target on the stock from $30.00 to $25.00. UBS Group currently has a neutral rating on the stock. Virtu Financial traded as low as $21.16 and last traded at $21.17. Approximately 32,264 shares changed hands during trading, a decline of 96% from the average daily volume of 921,312 shares. The stock had previously closed at $22.58.
Several other research analysts have also recently commented on the stock. Evercore ISI dropped their price objective on shares of Virtu Financial to $25.00 in a research report on Friday, July 22nd. JPMorgan Chase & Co. cut their price target on Virtu Financial from $37.50 to $31.00 in a research note on Tuesday, July 19th. The Goldman Sachs Group dropped their price objective on Virtu Financial from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, June 29th. Finally, Morgan Stanley dropped their price target on shares of Virtu Financial from $28.00 to $19.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Virtu Financial has an average rating of “Hold” and an average price target of $32.06.
Insiders Place Their Bets
In other news, Director Joanne Minieri acquired 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was acquired at an average cost of $23.45 per share, with a total value of $93,800.00. Following the completion of the acquisition, the director now owns 12,187 shares of the company’s stock, valued at $285,785.15. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 42.10% of the stock is currently owned by corporate insiders.
Institutional Trading of Virtu Financial
A number of hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp increased its stake in shares of Virtu Financial by 167.0% during the first quarter. Truist Financial Corp now owns 71,758 shares of the financial services provider’s stock worth $2,671,000 after acquiring an additional 44,886 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Virtu Financial by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 514,417 shares of the financial services provider’s stock worth $14,831,000 after buying an additional 15,871 shares in the last quarter. Boston Partners lifted its holdings in shares of Virtu Financial by 4.5% in the 1st quarter. Boston Partners now owns 38,610 shares of the financial services provider’s stock valued at $1,437,000 after buying an additional 1,645 shares during the period. TriaGen Wealth Management LLC purchased a new stake in shares of Virtu Financial in the first quarter valued at approximately $262,000. Finally, Beaumont Asset Management L.L.C. grew its holdings in Virtu Financial by 5.4% during the first quarter. Beaumont Asset Management L.L.C. now owns 18,554 shares of the financial services provider’s stock worth $690,000 after acquiring an additional 944 shares during the period. 50.91% of the stock is owned by institutional investors and hedge funds.
Virtu Financial Price Performance
The company has a debt-to-equity ratio of 1.03, a current ratio of 0.54 and a quick ratio of 0.54. The company has a 50-day simple moving average of $23.36 and a 200-day simple moving average of $28.54. The stock has a market cap of $3.65 billion, a PE ratio of 6.97 and a beta of -0.09.
Virtu Financial (NASDAQ:VIRT – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.05. Virtu Financial had a net margin of 14.55% and a return on equity of 40.56%. The firm had revenue of $357.40 million for the quarter, compared to analysts’ expectations of $359.90 million. During the same period in the prior year, the company earned $0.63 EPS. The firm’s revenue was up 4.6% on a year-over-year basis. Sell-side analysts anticipate that Virtu Financial, Inc. will post 3.07 EPS for the current fiscal year.
Virtu Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date is Wednesday, August 31st. Virtu Financial’s payout ratio is currently 29.63%.
About Virtu Financial
Virtu Financial, Inc, a financial services company, provides data, analytics, and connectivity products to clients worldwide. The company operates in two segments, Market Making and Execution Services. Its product suite includes offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology.