Bank of America Cuts Virtu Financial (NASDAQ:VIRT) Price Target to $35.00

Virtu Financial (NASDAQ:VIRT) had its target price cut by Bank of America from $37.00 to $35.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research firms have also weighed in on VIRT. The Goldman Sachs Group upped their target price on shares of Virtu Financial from $26.00 to $29.00 and gave the stock a neutral rating in a report on Monday, September 30th. Citigroup upped their price target on shares of Virtu Financial from $26.00 to $32.00 and gave the stock a buy rating in a research report on Friday, July 19th. UBS Group upped their price target on shares of Virtu Financial from $18.00 to $24.00 and gave the stock a neutral rating in a research report on Monday, July 1st. Piper Sandler upped their price target on shares of Virtu Financial from $25.00 to $31.00 and gave the stock an overweight rating in a research report on Friday, July 19th. Finally, StockNews.com upgraded shares of Virtu Financial from a sell rating to a hold rating in a research report on Wednesday, June 19th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Virtu Financial has a consensus rating of Hold and a consensus target price of $27.50.

Virtu Financial Trading Up 0.8 %

Shares of Virtu Financial stock opened at $31.76 on Thursday. The company’s fifty day moving average price is $30.21 and its two-hundred day moving average price is $25.23. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.43 and a quick ratio of 0.43. Virtu Financial has a 52-week low of $16.02 and a 52-week high of $32.88. The firm has a market capitalization of $4.99 billion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 0.49 and a beta of 0.38.

Virtu Financial (NASDAQ:VIRT) last posted its earnings results on Thursday, July 18th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.23. Virtu Financial had a net margin of 7.59% and a return on equity of 22.74%. The business had revenue of $385.10 million for the quarter, compared to analyst estimates of $331.92 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. On average, analysts expect that Virtu Financial will post 2.47 EPS for the current year.

Virtu Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were given a dividend of $0.24 per share. The ex-dividend date was Friday, August 30th. This represents a $0.96 dividend on an annualized basis and a yield of 3.02%. Virtu Financial’s payout ratio is presently 67.13%.

Insider Buying and Selling at Virtu Financial

In other Virtu Financial news, Director Virginia Gambale sold 5,400 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $27.30, for a total transaction of $147,420.00. Following the transaction, the director now directly owns 24,122 shares in the company, valued at approximately $658,530.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 46.70% of the company’s stock.

Institutional Trading of Virtu Financial

A number of hedge funds have recently modified their holdings of the company. First Horizon Advisors Inc. raised its position 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 valued at $48,000 after acquiring an additional 372 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Virtu Financial by 22.2% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 2,680 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 487 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Virtu Financial by 3.1% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 19,421 shares of the financial services provider’s stock valued at $436,000 after acquiring an additional 587 shares during the period. First Bank & Trust raised its position in shares of Virtu Financial by 3.9% in the 1st quarter. First Bank & Trust now owns 19,614 shares of the financial services provider’s stock valued at $402,000 after acquiring an additional 734 shares during the period. Finally, Quarry LP increased its stake in Virtu Financial by 79.9% during the 4th quarter. Quarry LP now owns 1,680 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 746 shares in the last quarter. 45.78% of the stock is currently owned by institutional investors and hedge funds.

Virtu Financial Company Profile

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.