Envestnet Asset Management Inc. Trims Stake in Virtu Financial, Inc. (NASDAQ:VIRT)

Envestnet Asset Management Inc. trimmed its holdings in Virtu Financial, Inc. (NASDAQ:VIRT - Free Report) by 9.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 397,573 shares of the financial services provider's stock after selling 40,855 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.26% of Virtu Financial worth $15,155,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Financial Management Professionals Inc. bought a new position in shares of Virtu Financial during the 1st quarter valued at approximately $32,000. Penserra Capital Management LLC purchased a new stake in Virtu Financial during the first quarter valued at $54,000. Huntington National Bank lifted its position in Virtu Financial by 528.9% during the fourth quarter. Huntington National Bank now owns 3,182 shares of the financial services provider's stock valued at $114,000 after purchasing an additional 2,676 shares during the last quarter. Wexford Capital LP purchased a new position in shares of Virtu Financial in the 4th quarter worth $203,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Virtu Financial in the 4th quarter worth about $210,000. 45.78% of the stock is owned by hedge funds and other institutional investors.

Virtu Financial Stock Down 1.6%

Shares of Virtu Financial stock traded down $0.72 during trading on Friday, reaching $44.40. The company's stock had a trading volume of 846,480 shares, compared to its average volume of 1,020,006. Virtu Financial, Inc. has a 1-year low of $26.50 and a 1-year high of $45.77. The company has a 50-day simple moving average of $42.42 and a two-hundred day simple moving average of $39.24. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.11. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 1.14 and a beta of 0.70.

Virtu Financial (NASDAQ:VIRT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.31. The business had revenue of $497.14 million during the quarter, compared to analysts' expectations of $444.23 million. Virtu Financial had a net margin of 10.43% and a return on equity of 32.08%. The business's quarterly revenue was up 30.3% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. As a group, equities analysts forecast that Virtu Financial, Inc. will post 3.13 earnings per share for the current year.

Virtu Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.96 annualized dividend and a yield of 2.16%. Virtu Financial's dividend payout ratio is presently 27.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $48.00 price target (up from $44.00) on shares of Virtu Financial in a research note on Tuesday, July 15th. JPMorgan Chase & Co. raised their price target on Virtu Financial from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Morgan Stanley boosted their price objective on Virtu Financial from $31.00 to $35.00 and gave the company an "underweight" rating in a report on Tuesday, July 15th. Wall Street Zen lowered Virtu Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, Bank of America lowered shares of Virtu Financial from a "buy" rating to a "neutral" rating and set a $43.00 target price for the company. in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $39.13.

Insiders Place Their Bets

In other news, Director John Nixon sold 6,965 shares of Virtu Financial stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $42.82, for a total value of $298,241.30. Following the sale, the director owned 33,923 shares in the company, valued at $1,452,582.86. This trade represents a 17.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas A. Cifu sold 178,320 shares of the business's stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $38.57, for a total transaction of $6,877,802.40. Following the sale, the chief executive officer directly owned 408,867 shares of the company's stock, valued at $15,770,000.19. This represents a 30.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 362,846 shares of company stock valued at $14,079,615 in the last ninety days. 47.20% of the stock is owned by corporate insiders.

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.