Duyuru • 8h
Virtu Financial Launches Notional Order Execution Capabilities for 10B-18 Corporate Buyback Programs Virtu Financial launched notional order execution capabilities for 10b-18 corporate buyback programs, a specialized offering available from only a small number of financial companies. Virtu's notional order functionality allows sell-side and buy-side clients to instruct execution based on a specified dollar (notional) value rather than a fixed share quantity, giving clients greater precision and control over corporate buyback spend. Notional trading values can be calculated with or without commission, offering clients added flexibility in how they define and manage total program spend. Virtu supports 10b-18 instructions together with notional order execution across four algorithms: VWAP/TWAP, POV, FAN Aggressive and Passive, and Covert Aggressive — giving clients a range of strategies to align with their pacing, urgency, and risk preferences. This flexibility is valuable to corporate issuers and their broker-dealers executing repurchase programs, where precise budget management is as critical as execution quality. Truist Bank, one of Virtu's key sell-side partners for 10b-18 notional order flow, recently shared internal performance metrics comparing Virtu's notional order execution against a competing provider offering similar functionality. According to Truist's analysis, Virtu's execution outperformed the competitor on both benchmark performance and total notional value executed, underscoring the effectiveness of Virtu's algorithmic approach to notional-based buyback programs. Declared Dividend • Aug 03
Second quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 1st September 2026 Payment date: 15th September 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 82% to increase the payout ratio to a potentially unsustainable range. Duyuru • Jul 30
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2026 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2026 to shareholders of record as of September 1, 2026. Reported Earnings • Jul 19
Second quarter 2026 earnings released: EPS: US$3.28 (vs US$1.65 in 2Q 2025) Second quarter 2026 results: EPS: US$3.28 (up from US$1.65 in 2Q 2025). Revenue: US$949.0m (up 29% from 2Q 2025). Net income: US$285.0m (up 102% from 2Q 2025). Profit margin: 30% (up from 19% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €47.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total returns to shareholders of 213% over the past three years. Duyuru • Jul 15
Virtu Financial, Inc. Provides Earnings Guidance for the Quarter Ended June 30, 2026 Virtu Financial, Inc. provided earnings guidance for the quarter ended June 30, 2026. For the quarter, on a preliminary estimated basis, the company expects its results of operations to reflect Net income of $285 million and Basic and diluted earnings per share of $1.63. Duyuru • Jul 09
Virtu Financial, Inc. to Report Q2, 2026 Results on Jul 30, 2026 Virtu Financial, Inc. announced that they will report Q2, 2026 results Pre-Market on Jul 30, 2026 Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. CEO & Director Aaron Simons was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 08
Virtu Financial, Inc. to Report Q1, 2026 Results on Apr 29, 2026 Virtu Financial, Inc. announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 Duyuru • Jan 29
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on March 16, 2026 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 16, 2026 to shareholders of record as of February 27, 2026. Duyuru • Jan 14
Virtu Financial, Inc. to Report Q4, 2025 Results on Jan 29, 2026 Virtu Financial, Inc. announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Jan 29, 2026 Duyuru • Jan 13
Asia Broadband Inc. Files Federal Civil Lawsuit in the United States District Court for the Central District of California Against Virtu Financial Inc., Gts Securities Llc, and G1 Execution Services Llc Asia Broadband Inc. announced that it has filed a federal civil lawsuit in the United States District Court for the Central District of California against Virtu Financial Inc., GTS Securities LLC (MPID: GTSM), and G1 Execution Services LLC, for securities fraud and coordinated market manipulation of Asia Broadband’s publicly traded stock symbol AABB. Based on daily comprehensive, real-time, deceitful, market maker behavior captured over multiple years, AABB is pursuing $250 million dollars in total compensatory and punitive damages from the three defendants. The complaint highlights in detail, with 168 pages of supporting exhibits, that the defendants engaged in systematic, coordinated, and unlawful trading practices designed to artificially suppress AABB’s share price, distort liquidity and valuation, and impair the Company’s access to equity financing. The alleged conduct includes, among other things:Spoofing and bid layeringWash tradingNaked short sellingQuote stuffing and micro-stuffingOther deceptive trading strategies intended to manipulate price discovery Option 1) According to the complaint, these activities were documented and preserved through Level II order-book video recordings, detailed trade-tape analysis, and time-sequenced market data, demonstrating patterns consistent with intentional and coordinated market manipulation.Option 2) As detailed in the complaint, the activities identified are supported by Level II order-book video recordings, detailed trade-tape analysis, and time-sequenced market data, which identify patterns consistent with intentional and coordinated market manipulation". Duyuru • Oct 29
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2025 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2025 to shareholders of record as of December 1, 2025. Duyuru • Oct 10
Virtu Financial, Inc. to Report Q3, 2025 Results on Oct 29, 2025 Virtu Financial, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 29, 2025 Duyuru • Jul 09
Virtu Financial, Inc. to Report Q2, 2025 Results on Jul 30, 2025 Virtu Financial, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 30, 2025 Duyuru • Jun 17
Virtu Financial, Inc.(NYSE:VIRT) dropped from NASDAQ Composite Index Virtu Financial, Inc. has been dropped from the Nasdaq Composite Index. Duyuru • Apr 24
Virtu Financial, Inc., Annual General Meeting, Jun 02, 2025 Virtu Financial, Inc., Annual General Meeting, Jun 02, 2025. Duyuru • Apr 23
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on June 16, 2025 The Board of Directors of Virtu Financial, Inc. declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 16, 2025 to shareholders of record as of May 30, 2025. Duyuru • Apr 04
Virtu Financial, Inc. to Report Q1, 2025 Results on Apr 23, 2025 Virtu Financial, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 23, 2025 Duyuru • Mar 07
Virtu Financial, Inc. Launches Virtu Technology Solutions Offering Virtu Financial, Inc. announced the public launch of Virtu Technology Solutions (VTS), a comprehensive product suite that repackages Virtu Execution Services' (VES) capabilities for distribution to sell-side broker-dealers worldwide. Virtu Execution Services (VES) has long provided execution and workflow solutions to buy-side and sell-side clients, offering a robust suit of technology-driven services that support seamless and integrated market access, trade execution and analytics. These solutions, built to optimize Virtu's own trading infrastructure, have been leveraged by a range of institutional clients to enhance their operational efficiency and market connectivity. With the introduction of VTS, Virtu is now formalizing and expanding the availability of these capabilities specifically for sell-side brokers, providing them with access to the same technology and infrastructure thatpowers Virtu's own broker-dealer operations. This initiative reflects Virtu's commitment to delivering scalable, modular and multi-asset solutions tailored to the infrastructure needs of broker-dealers. Virtu's global execution services business is uniquely positioned to deliver comprehensive, multi-asset products to brokers by combining Virtu's Workflow Solutions, Analytics, and Broker-Dealer offerings in a turn-key solution. With connectivity to over 60 global markets, operations across over 235 venues, management of over 10 thousand broker FIX connections for clients, and certifications with the majority of today's OMS/EMS platforms. VTS provides the sell-side with the complete suite of proprietary tools originally developed for Virtu's own broker- dealer operations and designed to support the front-to-back-office needs of the sell-side. These solutions are modular, scalable, and designed for seamless, multi-asset, global deployment. Duyuru • Jan 22
Virtu Financial, Inc. to Report Q4, 2024 Results on Jan 29, 2025 Virtu Financial, Inc. announced that they will report Q4, 2024 results Pre-Market on Jan 29, 2025 Duyuru • Dec 19
The Pulte Family Office Calls for Virtu Financial to Be Sold On December 17, 2024, The Pulte Family Office announced that it is calling upon Virtu Financial, Inc. to sell itself to either a third-party private equity firm or to another public company. William J. Pulte, Chairman of The Pulte Family Office, stated that after significant review and attempts to work with management constructively, it appears that current CEO Doug Cifu is not focused on building a materially bigger business and spends precious time tweeting on items not related to the core operations of the Company. As such, it now makes sense to put the Company in the hands of professional owners. William J. Pulte added that he strongly encourages the Board of Directors of the Company to pursue strategic alternatives, including but not limited to selling themselves to an owner who can unlock the true potential of the Company. William J. Pulte also stated that if change is not made soon, the Company will and should be sold. He stands ready to help usher in the change for a new generation of the Company. If the Company does not elect to explore a sale, he might be forced to bring forth a proxy contest or other actions as appropriate, legal, and necessary. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €33.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Capital Markets industry in Germany. Total returns to shareholders of 51% over the past three years. Declared Dividend • Oct 28
Third quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 29th November 2024 Payment date: 15th December 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has not increased over the past 9 years but payments have been stable during that time. EPS is expected to grow by 17% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$0.69 (vs US$0.63 in 3Q 2023) Third quarter 2024 results: EPS: US$0.69 (up from US$0.63 in 3Q 2023). Revenue: US$544.5m (up 16% from 3Q 2023). Net income: US$60.0m (up 2.0% from 3Q 2023). Profit margin: 11% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Duyuru • Oct 24
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2024 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2024 to shareholders of record as of December 1, 2024. Duyuru • Oct 03
Virtu Financial, Inc. to Report Q3, 2024 Results on Oct 24, 2024 Virtu Financial, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 24, 2024 Upcoming Dividend • Aug 23
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 15 September 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €26.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total returns to shareholders of 38% over the past three years. Declared Dividend • Jul 22
Second quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 30th August 2024 Payment date: 15th September 2024 Dividend yield will be 3.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has not increased over the past 9 years but payments have been stable during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 19
Second quarter 2024 earnings released: EPS: US$0.76 (vs US$0.16 in 2Q 2023) Second quarter 2024 results: EPS: US$0.76 (up from US$0.16 in 2Q 2023). Revenue: US$521.6m (up 43% from 2Q 2023). Net income: US$66.6m (up 329% from 2Q 2023). Profit margin: 13% (up from 4.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Jul 19
Virtu Financial, Inc. Declares A Quarterly Cash Dividend, Payable on September 15, 2024 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2024 to shareholders of record as of September 1, 2024. Duyuru • Jun 25
Virtu Financial, Inc. to Report Q2, 2024 Results on Jul 18, 2024 Virtu Financial, Inc. announced that they will report Q2, 2024 results Pre-Market on Jul 18, 2024 Upcoming Dividend • May 24
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 15 June 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.7%). Duyuru • Apr 28
Virtu Financial, Inc., Annual General Meeting, Jun 06, 2024 Virtu Financial, Inc., Annual General Meeting, Jun 06, 2024, at 09:00 Eastern Standard Time. Agenda: To elect four directors to board of directors, each to serve as a Class III director for a term of three years expiring at the annual meeting of stockholders to be held in 2027 and until such director’s successor has been duly elected and qualified; To approve, on an advisory basis, the compensation of named executive officers as disclosed in the accompanying proxy statement; To ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending December 31, 2024; and To transact any other business as may properly come before the Annual Meeting or any adjournment or postponement thereof ?. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$0.63 (vs US$0.56 in 1Q 2023) First quarter 2024 results: EPS: US$0.63 (up from US$0.56 in 1Q 2023). Revenue: US$491.9m (flat on 1Q 2023). Net income: US$55.8m (up 1.1% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Mar 28
Virtu Financial, Inc. to Report Q1, 2024 Results on Apr 24, 2024 Virtu Financial, Inc. announced that they will report Q1, 2024 results Pre-Market on Apr 24, 2024 Upcoming Dividend • Feb 22
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Feb 09
Co-founder recently bought €753k worth of stock On the 7th of February, Douglas Cifu bought around 50k shares on-market at roughly €15.06 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of €2.3m worth in shares. Declared Dividend • Jan 28
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 5.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has not increased over the past 8 years but payments have been stable during that time. EPS is expected to decline by 26% over the next 3 years. However, it would need to fall by 29% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$1.51 (vs US$2.45 in FY 2022) Full year 2023 results: EPS: US$1.51 (down from US$2.45 in FY 2022). Revenue: US$1.69b (down 16% from FY 2022). Net income: US$142.0m (down 44% from FY 2022). Profit margin: 8.4% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Jan 25
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on March 15, 2024 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2024 to shareholders of record as of March 1, 2024. Duyuru • Jan 11
Virtu Financial, Inc. to Report Q4, 2023 Results on Jan 25, 2024 Virtu Financial, Inc. announced that they will report Q4, 2023 results Pre-Market on Jan 25, 2024 Board Change • Dec 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Director Joanne Minieri was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Nov 03
the Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2023 The Virtu Financial, Inc. declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2023 to shareholders of record as of December 1, 2023. Duyuru • Nov 02
Rosen, Skilled Investor Counsel, Announces Lawsuit Against Virtu Financial, Inc Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Class A common stock of Virtu Financial, Inc., between November 7, 2018 and September 12, 2023, both dates inclusive. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2024. If you purchased Virtu Class A common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) detailed confidential trading information from Virtu’s execution services customers was accessible to essentially everyone at Virtu via a widely known and regularly shared generic username and password, including to proprietary traders, who could abuse and benefit from that information; Virtu was unable to monitor which of its employees logged into the trading information in Virtu Americas, LLC primary database for daily business operations, as well as a backup database (together, the "FS Database"), or what information was viewed; as a direct result of complaints by Virtu’s traders about the FS Database’s capacity limits, Virtu increased the number of users who could have simultaneous access; Virtu failed to take reasonable steps to prevent or even detect dissemination or abuse of this trading information; and Virtu’s policies and procedures were inadequate to prevent unauthorized use of trading information from Virtu’s execution services customers. When the true details entered the market, the lawsuit claims that investors suffered damages. Duyuru • Sep 28
Virtu Financial, Inc. to Report Q3, 2023 Results on Nov 02, 2023 Virtu Financial, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023 Duyuru • Sep 14
Virtu Financial Provides an Update on Ongoing SEC Matter Virtu Financial, Inc. provided supplemental information regarding a previously disclosed SEC enforcement matter. As described in recent public filings, Virtu has responded to requests for information from the U.S. Securities and Exchange Commission (SEC) in connection with an investigation of aspects of its internal information barriers from January 2018 to April 2019, a period that predates Virtu’s integration of post-trade data from Investment Technology Group Inc. (ITG), and has engaged in discussions to settle the matter. As an update, Virtu has been unable to reach an acceptable settlement and the SEC initiated a civil lawsuit against Virtu. SEC lawsuit focuses on hypothetical internal access to data – but importantly does not allege actual inappropriate access or use The SEC’s complaint alleges that (i) Virtu’s policies and procedures were not reasonably designed during the period to prevent the internal misuse of material nonpublic information and (ii) that certain of Virtu's statements made concerning these policies and procedures were false. Significantly, the SEC does not allege, and there is no evidence to indicate, that any data was ever accessed or used in an inappropriate manner. Virtu has continuously maintained reasonable policies, procedures and controls to protect data Virtu rejects the SEC’s allegations and underlying theory that the temporary hypothetical possibility of access by a broader group of Virtu employees rendered its policies and procedures “unreasonable”. Virtu has continuously maintained policies and procedures that were and are reasonably designed to prevent the misuse of confidential information — consistent with its obligations under applicable laws — and public statements made regarding its policies and procedures were true and accurate. Notably, the SEC’s escalation of its years-long investigation follows Virtu’s public criticism of SEC market structure rule proposals released in December 2022 and Virtu’s lawsuit against the SEC to seek records under the Freedom of Information Act (FOIA) related to the rulemaking process. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.24 per share at 5.1% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (3.1%). Duyuru • Jul 27
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2023 Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2023 to shareholders of record as of September 1, 2023. New Risk • Jul 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.7% net profit margin). Significant insider selling over the past 3 months (€884k sold). Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.18 (vs US$0.78 in 2Q 2022) Second quarter 2023 results: EPS: US$0.18 (down from US$0.78 in 2Q 2022). Revenue: US$367.7m (down 31% from 2Q 2022). Net income: US$16.7m (down 80% from 2Q 2022). Profit margin: 4.5% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • Jul 07
Virtu Financial, Inc. to Report Q2, 2023 Results on Jul 26, 2023 Virtu Financial, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Jul 26, 2023 Duyuru • Jun 30
The Gross Law Firm Notifies Shareholders of Virtu Financial, Inc. of a Class Action Lawsuit The Gross Law Firm issues the following notice to shareholders of Virtu Financial, Inc. Shareholders who purchased shares of VIRT during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) the Company maintained deficient policies and procedures with respect to its information access barriers; (ii) accordingly, Virtu had overstated the Company’s operational and technological efficacy as well as its capacity to block the exchange of confidential information between departments or individuals within the Company; (iii) the foregoing deficiencies increased the likelihood that the Company would be subject to enhanced regulatory scrutiny; and (iv) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. Duyuru • Jun 23
Virtu Financial, Inc. Launches Alert+ to Enhance Automated Block Trading Products Virtu Financial, Inc. announced the launch of Alert+, a new workflow solution available in POSIT Alert that enhances the features of POSIT Alert by providing automated routing to Virtu's Covert execution algorithm to seek non-displayed liquidity. Virtu's global institutional network of block indications, POSIT Alert, helps clients connect with block liquidity opportunities globally in 38 countries by sourcing liquidity directly from traders' OMSs, as well as electronic conditional orders, and enables automated matching. Alert+ allows Posit Alert front-end users to seek non-displayed cash more efficiently by electing to immediately route residual share quantities to Virtu's Covert executed algorithm upon the completion of a match in POSIT Alert. This new tool enables traders to automate workflows and is designed to source incremental non-displayed liquidity and, when desired, complete orders more quickly with the goal of reducing execution risk for the trader. POSIT Alert, POSIT, and the Virtu Frontier suite of execution algorithms are available in North America, Europe and the Asia Pacific region via Virtu's multi-asset class and broker-neutral Triton execution management system (EMS) and also via FIX connection to Virtu from third-party trading systems. Upcoming Dividend • May 24
Upcoming dividend of US$0.24 per share at 5.3% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). Duyuru • May 20
Robbins LLP Informs Investors of Class Action Against Virtu Financial, Inc Robbins LLP informed investors that a shareholder filed a class action on behalf of persons and entities who purchased or otherwise acquired Virtu Financial, Inc. securities between March 1, 2019 and April 28, 2023. Virtu is a financial services company. What is this Case About: Virtu Financial, Inc. Misled Investors Regarding its Operational and Technological Efficacy. According to the complaint, defendants failed to disclose that: (i) the Company maintained deficient policies and procedures with respect to its information access barriers; (ii) accordingly, Virtu had overstated the Company’s operational and technological efficacy as well as its capacity to block the exchange of confidential information between departments or individuals within the Company; (iii) the foregoing deficiencies increased the likelihood that the Company would be subject to enhanced regulatory scrutiny; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. On February 17, 2023, Virtu reported that "the Company has been responding to requests for information from the U.S. Securities and Exchange Commission in connection with an investigation of aspects of the Company's information access barriers." On this news, Virtu's stock price fell 1.60%, to close at $19.69 per share on February 21, 2023. On April 28, 2023, Virtu reported that it had been responding to requests for information from the SEC in connection with an investigation of aspects of the Company’s information access barriers, and added, in relevant part, “in the absence of a settlement, the Company currently believes it may receive a Wells Notice from the SEC and the proposed action would be expected to allege violations of federal securities laws with respect to the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period.” Similarly situated shareholders may be eligible to participate in the class action against Virtu Financial, Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €15.17, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Capital Markets industry in Germany. Total loss to shareholders of 31% over the past three years. Recent Insider Transactions • May 03
Co-President & Co-COO recently sold €884k worth of stock On the 1st of May, Brett Fairclough sold around 50k shares on-market at roughly €17.68 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Brett has been a net seller over the last 12 months, reducing personal holdings by €2.3m. Reported Earnings • Apr 21
First quarter 2023 earnings released: EPS: US$0.59 (vs US$0.99 in 1Q 2022) First quarter 2023 results: EPS: US$0.59 (down from US$0.99 in 1Q 2022). Revenue: US$496.3m (down 19% from 1Q 2022). Net income: US$57.9m (down 47% from 1Q 2022). Profit margin: 12% (down from 18% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.24 per share at 4.7% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.1%). Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. Independent Director Joanne Minieri was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jan 28
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on March 15, 2023 Virtu Financial, Inc. declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2023 to shareholders of record as of March 1, 2023. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: US$2.55 (vs US$3.95 in FY 2021) Full year 2022 results: EPS: US$2.55 (down from US$3.95 in FY 2021). Revenue: US$2.01b (down 22% from FY 2021). Net income: US$265.0m (down 43% from FY 2021). Profit margin: 13% (down from 18% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 22% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Duyuru • Jan 11
Virtu Financial, Inc. to Report Q4, 2022 Results on Jan 26, 2023 Virtu Financial, Inc. announced that they will report Q4, 2022 results After-Market on Jan 26, 2023 Upcoming Dividend • Nov 23
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 30 November 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Nov 10
Independent Director recently bought €91k worth of stock On the 7th of November, Joanne Minieri bought around 4k shares on-market at roughly €22.63 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €3.7m more in shares than they bought in the last 12 months. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: US$0.39 (vs US$0.59 in 3Q 2021) Third quarter 2022 results: EPS: US$0.39 (down from US$0.59 in 3Q 2021). Revenue: US$474.2m (down 4.4% from 3Q 2021). Net income: US$40.0m (down 41% from 3Q 2021). Profit margin: 8.4% (down from 14% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 5.7% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 04
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2022 The Board of Directors of Virtu Financial, Inc. declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2022 to shareholders of record as of December 1, 2022. Duyuru • Sep 28
Virtu Financial, Inc. to Report Q3, 2022 Results on Nov 03, 2022 Virtu Financial, Inc. announced that they will report Q3, 2022 results on Nov 03, 2022 Upcoming Dividend • Aug 24
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). Recent Insider Transactions • Aug 04
Independent Director recently bought €93k worth of stock On the 3rd of August, Joanne Minieri bought around 4k shares on-market at roughly €23.13 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €3.7m more in shares than they bought in the last 12 months. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: US$0.81 (vs US$0.51 in 2Q 2021) Second quarter 2022 results: EPS: US$0.81 (up from US$0.51 in 2Q 2021). Revenue: US$532.5m (up 6.1% from 2Q 2021). Net income: US$85.2m (up 39% from 2Q 2021). Profit margin: 16% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 31% compared to a 8.6% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 29
The Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2022 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2022 to shareholders of record as of September 1, 2022. Duyuru • Jun 17
Virtu Financial, Inc. to Report Q2, 2022 Results on Jul 28, 2022 Virtu Financial, Inc. announced that they will report Q2, 2022 results Pre-Market on Jul 28, 2022 Upcoming Dividend • May 24
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.8%). Recent Insider Transactions • May 07
Insider recently sold €2.5m worth of stock On the 5th of May, Stephen Cavoli sold around 90k shares on-market at roughly €27.70 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.0m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €26.99, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total returns to shareholders of 42% over the past three years. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$0.99 (vs US$1.91 in 1Q 2021) First quarter 2022 results: EPS: US$0.99 (down from US$1.91 in 1Q 2021). Revenue: US$611.7m (down 37% from 1Q 2021). Net income: US$112.3m (down 52% from 1Q 2021). Profit margin: 18% (down from 24% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 22% compared to a 7.5% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 23
Virtu Financial, Inc., Annual General Meeting, Jun 02, 2022 Virtu Financial, Inc., Annual General Meeting, Jun 02, 2022, at 09:00 US Eastern Standard Time. Agenda: To elect three directors to company's board of directors, each to serve as a Class I director for a term of three years expiring at the annual meeting of stockholders to be held in 2025 and until such director’s successor has been duly elected and qualified; and to approve, on an advisory basis, the compensation of company's named executive officers as disclosed in proxy statement. Duyuru • Apr 06
Virtu Financial, Inc. to Report Q1, 2022 Results on Apr 28, 2022 Virtu Financial, Inc. announced that they will report Q1, 2022 results at 7:30 AM, Eastern Daylight on Apr 28, 2022 Upcoming Dividend • Feb 21
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 28 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.21 (down from US$5.19 in FY 2020). Revenue: US$2.59b (down 12% from FY 2020). Net income: US$476.9m (down 25% from FY 2020). Profit margin: 18% (down from 22% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 7.1%. Over the next year, revenue is expected to shrink by 38% compared to a 4.9% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 09
Virtu Financial, Inc. Declares Quarterly Cash Dividend, Payable on March 15, 2022 The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2022 to shareholders of record as of March 1, 2022. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 15 December 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS US$0.61 (vs US$0.92 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$491.9m (down 8.8% from 3Q 2020). Net income: US$70.5m (down 38% from 3Q 2020). Profit margin: 14% (down from 21% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 15 September 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.5%). Executive Departure • Aug 18
Independent Director Glenn Hutchins has left the company On the 17th of August, Glenn Hutchins' tenure as Independent Director ended after 4.1 years in the role. As of June 2021, Glenn still personally held 18.17k shares (€424k worth at the time). Glenn is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.58 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.53 (vs US$1.59 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$490.4m (down 42% from 2Q 2020). Net income: US$62.9m (down 68% from 2Q 2020). Profit margin: 13% (down from 23% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 15
Virtu Financial, Inc. Introduces New Matching Rules and Segmentation Logic for US POSIT ATS Virtu Financial, Inc. announced that Virtu’s US POSIT alternative trading system (ATS) will make changes to its manner of operation, including new matching rules and the introduction of subscriber segmentation. The changes to POSIT ATS include: Price/size/time order priority; Price improvement is given to the liquidity provider; Subscribers will be segmented into three tiers: Neutral, Move Towards and Move Away using a markout methodology that employs long time horizons. All subscribers will have the option to opt out of interacting with either the Move Towards or Move Away segments on an individual order basis. Additionally, POSIT ATS will undergo a technological rebuild through the rest of the year in order to enhance overall system performance for POSIT ATS subscribers. 
