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VIRT

Virtu Financial

$24.30

-0.56 (-2.25%)

16:36
05/14/19
05/14
16:36
05/14/19
16:36

Virtu Financial announces offering of 7M shares of Class A common stock

Virtu Financial announced the commencement of an underwritten secondary offering of 7M shares of its Class A common stock. The offering includes 7M shares of Class A common stock offered by Virtu, the net proceeds of which will be used to purchase an equivalent number of common units in Virtu Financial and corresponding shares of Class D common stock from TJMT Holdings, an affiliate of Vincent Viola, founder and chairman emeritus. Following the closing of the transactions, TJMT will remain Virtu's largest stockholder, and will continue to own over 62M common interest units in Virtu Financial and corresponding shares of Class D common stock, representing an economic interest of approximately 32% in Virtu Financial. Virtu will retain no net proceeds from the offering. Morgan Stanley and Sandler O'Neill + Partners, L.P. are acting as the joint book-running managers and underwriters for the offering.

  • 04

    Jun

VIRT Virtu Financial
$24.30

-0.56 (-2.25%)

09/19/18
09/19/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Aerpio Pharmaceuticals (ARPO) initiated with a Buy at Guggenheim. 2. Vocera (VCRA) initiated with a Buy at Jefferies. 3. Veoneer (VNE) initiated with a Neutral at Buckingham. 4. Virtu Financial (VIRT) initiated with a Neutral at Compass Point. 5. Internap (INAP) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/05/18
SBSH
10/05/18
NO CHANGE
SBSH
Neutral
Citi views potential ITG deal as favorable for Virtu Financial
A possible acquisition of Investment Technology Group (ITG) by Virtu Financial (VIRT), as reported yesterday by Bloomberg, points to "solid upside," Citi analyst Ben Herbert tell investors in a research note. The analyst views the potential deal favorably for Virtu given his belief that the company's standalone earnings growth may remain challenged against the current environment. His initial pass at potential deal accretion indicates $3.50 per share of upside for Virtu. Herbert keeps a Hold rating on Virtu shares.
01/04/19
GSCO
01/04/19
UPGRADE
Target $120
GSCO
Buy
Virtu Financial upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Virtu Financial to Buy from Neutral with a price target of $29. The analyst cites the "cyclical recovery in volatility" supporting higher rates of growth for Virtu's revenue and earnings. Blostein also expects the company's earnings to be amplified by the accretion from its recent ITG deal, modeling FY19 EPS at $1.95. The analyst anticipates that over the longer term, "further consolidation in the market-making and agency execution space" should remain favorable amid subsiding cost pressures and higher efficiencies across the capital market ecosystem.
01/04/19
MSCO
01/04/19
NO CHANGE
MSCO
Morgan Stanley says buy TD Ameritrade ahead of earnings, negative on Virtu
Morgan Stanley analyst Michael Cyprys lowered his Q4 EPS estimates by 11% for the Asset Manager and Broker group given that the S&P 500 fell nearly 14% in the quarter, upending what had been a positive year for equity markets up until that point. For 2019, he favors the discount brokers - TD Ameritrade (AMTD), E-Trade (ETFC) and Charles Schwab (SCHW) - given their more defensive earnings profiles. Ahead of the Q4 earnings season he sees TD Ameritrade as "compelling" given its greater skew to trading revenues among the eBrokers, greater derivative mix and rising client cash levels, Cyprys tells investors. He also views concerns around commission price cuts as overdone as doe not expect Charles Schwab to cut, the analyst added. Ahead of Q4 reporting, Cyprys is negative on Virtu Financial (VIRT), as he thinks expectations are too high and notes the stock has recently outperformed.

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MYOV

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CREG

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FENC

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TD

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VIX

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TBIO

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