Virtu Financial (NASDAQ:VIRT) Hits New 12-Month High – Here’s Why

Shares of Virtu Financial, Inc. (NASDAQ:VIRT) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $33.71 and last traded at $33.71, with a volume of 49126 shares changing hands. The stock had previously closed at $33.41.

Analyst Ratings Changes

Several analysts have recently weighed in on VIRT shares. Bank of America decreased their target price on shares of Virtu Financial from $37.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Citigroup increased their target price on Virtu Financial from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Virtu Financial in a research note on Thursday, October 24th. Morgan Stanley upped their price target 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, The Goldman Sachs Group lifted their price objective on Virtu Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, September 30th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.50.

Virtu Financial Price Performance

The company has a debt-to-equity ratio of 1.23, a current ratio of 0.47 and a quick ratio of 0.47. The company’s 50 day moving average price is $31.64 and its 200 day moving average price is $27.13. The firm has a market capitalization of $5.18 billion, a P/E ratio of 16.79, a PEG ratio of 0.49 and a beta of 0.38.

Virtu Financial (NASDAQ:VIRT) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.79 by $0.03. Virtu Financial had a return on equity of 23.22% and a net margin of 7.29%. The company had revenue of $388.00 million during the quarter, compared to analysts’ expectations of $379.18 million. During the same period last year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 30.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Virtu Financial, Inc. will post 2.7 EPS for the current fiscal year.

Virtu Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be given a dividend of $0.24 per share. The ex-dividend date is Sunday, December 1st. This represents a $0.96 dividend on an annualized basis and a yield of 2.87%. Virtu Financial’s payout ratio is presently 48.24%.

Hedge Funds Weigh In On Virtu Financial

Several large investors have recently bought and sold shares of VIRT. CIBC Asset Management Inc acquired a new stake in shares of Virtu Financial in the 3rd quarter valued at approximately $242,000. KBC Group NV lifted its holdings in shares of Virtu Financial by 42.9% in the third quarter. KBC Group NV now owns 2,864 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 860 shares in the last quarter. Versor Investments LP acquired a new position in Virtu Financial during the 3rd quarter worth approximately $832,000. Los Angeles Capital Management LLC bought a new position in Virtu Financial in the third quarter valued at $29,815,000. Finally, State of New Jersey Common Pension Fund D bought a new position in Virtu Financial in the third quarter valued at approximately $1,971,000. 45.78% of the stock is currently owned by institutional investors and hedge funds.

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.