CIBC Asset Management Inc Makes New Investment in Virtu Financial, Inc. (NASDAQ:VIRT)

CIBC Asset Management Inc purchased a new position in Virtu Financial, Inc. (NASDAQ:VIRT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,935 shares of the financial services provider’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new stake in shares of Virtu Financial in the 3rd quarter valued at $29,815,000. Principal Financial Group Inc. bought a new stake in shares of Virtu Financial in the second quarter valued at about $9,751,000. Bank of New York Mellon Corp grew its holdings in shares of Virtu Financial by 39.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,215,833 shares of the financial services provider’s stock worth $27,295,000 after purchasing an additional 342,327 shares in the last quarter. Interval Partners LP acquired a new position in shares of Virtu Financial in the 1st quarter valued at $5,050,000. Finally, Public Sector Pension Investment Board bought a new position in Virtu Financial during the second quarter worth about $4,371,000. 45.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VIRT has been the topic of several analyst reports. Bank of America lowered their target price on shares of Virtu Financial from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. The Goldman Sachs Group raised their price target on Virtu Financial from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, September 30th. Piper Sandler reiterated an “overweight” rating and set a $35.00 target price on shares of Virtu Financial in a research report on Thursday, October 24th. Citigroup increased their price target on shares of Virtu Financial from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Morgan Stanley boosted their target price on Virtu Financial from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $29.50.

Virtu Financial Stock Performance

Shares of VIRT opened at $36.69 on Friday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.23. Virtu Financial, Inc. has a 12 month low of $16.02 and a 12 month high of $38.09. The firm has a fifty day simple moving average of $32.62 and a 200 day simple moving average of $28.14. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 0.58 and a beta of 0.38.

Virtu Financial (NASDAQ:VIRT) last released its quarterly earnings data 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. The company had revenue of $388.00 million during the quarter, compared to the consensus estimate of $379.18 million. Virtu Financial had a return on equity of 23.22% and a net margin of 7.29%. The firm’s revenue for the quarter was up 30.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. Research analysts forecast that Virtu Financial, Inc. will post 2.71 EPS for the current fiscal year.

Virtu Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.62%. The ex-dividend date is Friday, November 29th. Virtu Financial’s dividend payout ratio is 48.24%.

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.