Latest news with #VirtuFinancial
Business Insider
4 days ago
- Business
- Business Insider
Virtu Financial to transfer listing to NYSE from Nasdaq
Virtu Financial (VIRT) announced plans to transfer the listing of its Class A common stock to the New York Stock Exchange from the Nasdaq Stock Market. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
4 days ago
- Business
- Yahoo
Virtu Financial Announces Transfer of Listing of Common Stock to the New York Stock Exchange
NEW YORK, May 29, 2025 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) ('Virtu Financial' or 'Virtu') a leading provider of global, multi-asset financial services that delivers liquidity and innovative, transparent products across the entire investment cycle to the global markets, today announced plans to transfer the listing of its Class A Common Stock ('Common Stock') to the New York Stock Exchange ('NYSE') from the Nasdaq Stock Market LLC. Virtu expects the listing of its Common Stock on Nasdaq to cease on June 16, 2025, and the listing of its Common Stock on the NYSE (NYSE: VIRT) to begin on June 17, 2025. 'We are excited to begin this next chapter of Virtu's journey on the New York Stock Exchange and we look forward to joining today's most respected and innovative companies on the world's largest stock exchange,' said Mr. Douglas A. Cifu, Chief Executive Officer of Virtu Financial. 'This move reflects our continued commitment to transparency, excellence, and long-term value creation for our shareholders. We look forward to deepening our relationships with investors and leveraging the NYSE's unique platform as we continue to grow and lead in global financial markets. We want to thank Nasdaq for the partnership and support they have provided since our initial public offering 10 years ago.' 'We are honored to welcome Virtu Financial to our community of innovators, entrepreneurs and market leaders at the New York Stock Exchange,' said Lynn Martin, President of NYSE Group. 'The deepest, most transparent and most liquid pool of capital that exists in this world is the U.S. capital market, and as a prominent liquidity provider, Virtu plays a critical role in the price formation process. Virtu has been a long and important partner to the NYSE over many years and we are thrilled to welcome them as an NYSE-listed company.' About Virtu Financial, is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu's product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu's integrated, multi-asset analytics platform provides a range of pre- intra- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets. Cautionary Note Regarding Forward-Looking StatementsThis Current Report on Form 8-K may contain 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including those related to the anticipated transfer of the primary listing of the Common Stock to the NYSE. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Virtu Financial assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if Virtu Financial does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties, some or all of which are not predictable or within Virtu Financial's control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation, risks relating to the anticipated transfer of the primary listing of the Common Stock to the NYSE. For a discussion of additional risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu Financial's Securities and Exchange Commission (the 'SEC') filings, including but not limited to Virtu Financial's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Contact: Investor Relations and Media RelationsAndrew Smithmedia@ in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Wall Street Cuts Virtu Financial's Outlook: How to Play the Stock?
Virtu Financial, Inc. VIRT, a prominent name in the financial services space, is under scrutiny as analysts trim their earnings projections for 2025 and 2026. While the company extended its streak of earnings beat in the first quarter, sentiment has weakened due to downward revisions in forward estimates. The Zacks Consensus Estimate for Virtu Financial's 2025 and 2026 adjusted earnings now stands at $3.97 and $3.83 per share, respectively, reflecting week-over-week declines of 0.5% and 1%. Though 2025 estimates still imply 11.8% year-over-year growth, the forecast for 2026 points to a 3.4% decline. Despite a solid earnings track record, including four consecutive quarterly beats averaging a 20.2% surprise, the stock faces growing headwinds. Virtu Financial, Inc. price-eps-surprise | Virtu Financial, Inc. Quote The Zacks Consensus Estimate for Virtu Financial's 2025 and 2026 adjusted net trading income is pegged at $1.68 billion and $1.67 billion, respectively. (See the Zacks Earnings Calendar to stay ahead of market-making news.) Before digging deeper, let's take a quick look at Virtu's latest earnings report. Virtu Financial witnessed a strong first quarter, with adjusted earnings per share (EPS) of $1.30 beating the Zacks Consensus Estimate by 9.2% and marking a 71.1% jump year over year. The upside was driven by higher commissions and growth in technology services revenues, along with improved performance across both the Market Making and Execution Services segments amid elevated trading activity. Interest and dividend income rose 2.9% to $109.1 million, while adjusted EBITDA climbed 57.7% year over year to $319.9 million. However, expenses remained a pressure point. Total operating expenses surged 22.1% to $614.1 million, exceeding expectations of $555.6 million. Virtu Financial's stock has rallied 18.1% year to date, outperforming the broader industry's 2.4% decline. In comparison, peers like Tradeweb Markets Inc. TW is up 11.1% and CME Group Inc. CME has gained 19.7%. The S&P 500, by contrast, is up just 0.6% YTD. Image Source: Zacks Investment Research At current price levels, Virtu Financial now appears overvalued. Its forward P/E ratio stands at 12.60X, above its five-year median of 8.99X and slightly higher than the peer group average of 12.13X. For context, Tradeweb trades at a lofty 40.77X and CME Group at 24.61X. While Virtu Financial's valuation is nowhere near those levels, its premium to its historical average suggests limited upside in the near term. Image Source: Zacks Investment Research Virtu Financial's Execution Services segment continues to benefit from the ITG acquisition, which has expanded its client base and enhanced revenue diversity. The firm is leveraging its technology stack, including POSIT Alert, Triton Valor EMS and proprietary execution algorithms, for global equity trading. The company's balance sheet remains a relative bright spot. Efforts to reduce leverage have paid off, with total debt declining from $1.9 billion in 2019 to $1.7 billion as of March 31, 2025. Cash and equivalents totaled $723.7 million, with just $112.1 million in short-term borrowings. Its debt-to-capital of 54.3% sits below the industry average of 55.5%. Shareholder returns are another plus. Virtu Financial offers a dividend yield of 2.3%, higher than the industry average of 1.7%, and remains committed to its quarterly dividend of 24 cents per share. In first-quarter 2025, the company repurchased $48.1 million in shares, with $373.8 million still authorized for future buybacks as of April 17, 2025. Although adjusted net trading income from the Market Making segment increased in 2024 and the first quarter of 2025, as the market is resuming normalcy, it is likely to witness poor volume growth. The segment's brokerage, exchange, clearance fees and payments for order flow expenses escalated 67.7% year over year in the first quarter of 2025. Free cash flow is also showing signs of stress. After falling 42.3% to $642 million in 2022 and another 35.3% to $416 million in 2023, the metric briefly improved in 2024 but turned negative again in first-quarter 2025. As market volatility subsides, Virtu Financial's performance may weaken due to declining liquidity demand and fewer trading opportunities. Adding to investor caution, the average Wall Street price target of $40 implies a potential 3.5% downside from current levels. Virtu Financial has proven its resilience through its strong earnings beat streak and well-managed balance sheet. However, declining forward estimates, high-cost pressures and falling free cash flow raise concerns. With the stock already trading above historical valuation norms and the market environment turning less favorable, investors may want to be cautious. With a Zacks Rank #3 (Hold), Virtu Financial appears fairly valued for now. It may not offer significant upside in the near term, but it remains a stable pick for investors seeking exposure to the financial services space with a moderate risk profile. Those looking for strong growth or deep value opportunities, however, may want to wait for a better entry point. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CME Group Inc. (CME) : Free Stock Analysis Report Tradeweb Markets Inc. (TW) : Free Stock Analysis Report Virtu Financial, Inc. (VIRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Equiduct Expands into the Swiss Market
LONDON, May 15, 2025--(BUSINESS WIRE)--Equiduct, the leading pan-European retail-focused exchange, today announced the launch of its Swiss equity segment, providing retail brokers using Apex with access to 138 of the most liquid Swiss-listed stocks — all priced in Swiss francs (CHF). The newly available securities include heavily traded household names such as Nestlé S.A., Novartis AG, UBS Group AG, and ABB Ltd. Liquidity on the Swiss segment of Equiduct is supported by Apex market makers Virtu Financial, Hudson River Trading, and Optiver. As with all executions on Equiduct, trades on the Swiss segment will benefit from fully interoperable clearing via Equiduct's pan-European network of CCPs: LCH Ltd, Cboe Clear, and the local Swiss CCP SIX x-clear. This expansion follows formal approval from the Swiss Financial Market Supervisory Authority (FINMA), which recognises Börse Berlin and Equiduct as a regulated market under Article 41 of FinfraG. This status also paves the way for Swiss banks and brokers to join Equiduct as direct exchange members, further enhancing best-execution capabilities for Swiss retail brokers and benefiting the Swiss retail investment community. To support the launch of the Swiss segment and Equiduct's growth in the region, the responsibilities of Massimo Formichi Moglia, Head of Italy, have been expanded to include Switzerland — ensuring continuity and leveraging regional synergies. Wail Azizi, Chief Strategy Officer at Equiduct, said: "Our Swiss expansion, backed by formal recognition from FINMA, marks a significant milestone in Equiduct's mission to deliver true pan-European best execution for retail investors and enables us to bring our market-leading, commission-free trading model to one of Europe's most sophisticated markets. By adding Swiss equities to Equiduct, we're also continuing to empower European retail brokers and their clients with broader access, greater transparency, and exceptional execution quality." With the launch of the Swiss market segment, Equiduct now offers commission-free best execution and consolidated market data products for over 1,873 stocks and ETFs across 13 European markets and 18 headline indices. Notes to editors About Equiduct Equiduct is the leading pan-European retail-focused exchange built around the specific needs of the retail community. Equiduct enables retail brokers to achieve Best Execution in Europe's most liquid equities and ETFs across 13 European markets and provides high-quality cost-effective market data and insight products for both the retail community and institutional clients alike. A market segment of Börse Berlin, Equiduct operates under Article 44 of MiFID II. In 2024, Equiduct reported 35 active retail brokers, 15.2 million trades executed, and a turnover of €85 billion. For more information, visit View source version on Contacts For further information, please contact:Massimo Formichi Moglia, Country Head | Italy & SwitzerlandTel: +39 02 12 412 7314Email: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Politics
- Yahoo
Florida Panthers exec appears to post vulgar rant on X, calling Canada 51st state
A high-ranking Florida Panthers executive appears to have made several disturbing comments on social media Sunday night after watching his team defeat the Toronto Maple Leafs in Game 4 of their NHL playoff series. Douglas Cifu, the team's vice chairman, partner and alternate governor, appeared to take shots at a Leafs fan and Canada in general, while commenting on the conflict between Israel and Palestine in screenshots taken of posts that have now been made private. 'Eat s*** 51st state anti-semite loser. Israel now and forever. Until ever (sic) last Hamas rat is eliminated,' the X account allegedly belonging to Cifu posted. The post was a reply to @mrgrozz, a Toronto sports fan account that has bragged about trolling sports team owners in the past. In the original post which has been reposted as a screenshot, Dr. Grizzo compared the controversial hits by the NHL team to the ongoing conflict in the middle east. 'Hey what's worse, using headshots to win a series or using starvation as a weapon to win a war?' the post on X read. Cifu allegedly replied, writing: 'Actually being a whiny dope anti semite is clearly worse. Loser.' 'Not approving of using starvation as a weapon makes me a bigot? Got it,' Dr. Grizzo replied. 'Get some sleep man, market opens early tomorrow. Best of luck frontrunning Robinhood traders you MAGA d*** licker.' After the exchange, the account appearing to belong to Cifu went private. The account was later deactivated. The NHL came down on Cifu on Monday night, suspending him indefinitely from any and all involvement with the team and the league. 'The NHL has concluded that Mr. Cifu's X posts were unacceptable and inappropriate. As a result, Mr. Cifu has been suspended indefinitely from any involvement with the Club and the NHL,' the league said in a statement. 'An in-person meeting will be scheduled with Mr. Cifu and the Commissioner at a date to be determined.' The bio for the account with the handle @Dougielarge reads 'Partner Cup Champ Florida Panthers and CEO of Virtu Financial (VIRT). Shill Team 6 Leader. All tweets mine.' This is followed by the word 'Israel' and five Israel flag emojis. This is not the first time that Cifu has seemingly been caught making disparaging comments online. In a post from the same account on X, Cifu allegedly made disparaging comments about a user by calling them a 'sad creepy loser' and inferring they are 'special needs.' 'Dude get a life,' the post from March 2024 appears to begin, as shown in a screenshot. 'You sad sack of s***. I'd call your pathetic school district and let them know what a sad creepy loser you are but I'm sure you're special needs and part of a protected class. 'Enjoy your poverty. Dumb f***.' According to the Panthers team website, Cifu also is the CEO of Virtu Financial, which the site boasts is 'one of the nation's foremost providers of financial technology products and services.' Cifu co-founded Virtu with Panthers owner Vincent J. Viola in 2008. SIMMONS: Why don't Matthews and Marner have more Wendel and Gilmour in them? Leafs' Max Domi fined for hit on Panthers' Barkov as harsh words and nasty deeds continue
