Virtue Capital Management LLC has reduced its stake in Virtu Financial, Inc. (NASDAQ: VIRT) by 14.4% during the second quarter of 2024. The firm now holds 31,571 shares after selling 5,304 shares during the period, according to a recent filing with the Securities and Exchange Commission. The value of Virtue Capital Management’s holdings in Virtu Financial is approximately $1.414 million.
Several institutional investors have also adjusted their positions in Virtu Financial. Janney Montgomery Scott LLC notably increased its investment by 66.7% in the same quarter, resulting in ownership of 66,893 shares, valued at $2.996 million. Counterpoint Mutual Funds LLC established a new position in Virtu Financial valued at around $417,000. Additionally, Amundi enhanced its holdings by 117.6% in the first quarter, amassing 191,879 shares now worth $7.176 million.
QRG Capital Management Inc. raised its stake by 123.6% in the second quarter, bringing its total to 51,959 shares valued at $2.327 million. Meanwhile, Acadian Asset Management LLC boosted its holdings by 132.8% in the first quarter, now owning 51,612 shares worth $1.966 million. Currently, approximately 45.78% of Virtu Financial’s stock is owned by institutional investors and hedge funds.
Stock Performance and Dividend Announcement
Virtu Financial’s stock opened at $35.39 on the last trading day. The company has experienced a fifty-two week low of $31.89 and a high of $45.77. It boasts a market capitalization of $5.41 billion, with a price-to-earnings ratio of 10.23 and a beta of 0.60. The company currently carries a debt-to-equity ratio of 1.11 alongside a quick ratio and current ratio of 0.49.
In addition to its stock performance, Virtu Financial announced a quarterly dividend of $0.24 per share, scheduled for payment on December 15, 2024. Stockholders of record on December 1, 2024 will receive this dividend, amounting to an annualized total of $0.96 and a dividend yield of 2.7%. The ex-dividend date is also set for December 1. Virtu Financial’s dividend payout ratio is currently 20.78%.
Analyst Ratings and Future Outlook
Recent reports from various research firms provide insights into Virtu Financial’s stock outlook. UBS Group reaffirmed a “neutral” rating and adjusted its price target to $45.00 from a previous target of $40.00. Bank of America upgraded its rating from “neutral” to “buy,” maintaining a target price of $45.00.
Conversely, The Goldman Sachs Group lowered its price target from $48.00 to $38.00, while retaining a “neutral” rating. Overall, the consensus among analysts indicates two “buy” ratings, four “hold” ratings, and one “sell” rating for Virtu Financial. MarketBeat reports a consensus rating of “hold” with an average target price of $41.71.
Virtu Financial, Inc. operates as a financial services company with a global presence, including the United States, Asia Pacific, Canada, and Europe. The company provides services through its two primary segments: Market Making and Execution Services. Its product offerings encompass execution, liquidity sourcing, analytics, and broker-neutral capital markets, among others.
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