Virtu Financial Sees Surge in Trading Volumes and Share Buybacks

By Tamara Parker • Tuesday, March 12 15:16 • Permanent Link

In the first quarter of 2024, Virtu Financial has experienced a 4% increase in US equity consolidated volume, reaching 11,642 million shares, and a notable 14% increase in US equity consolidated notional volume, reaching $608 billion. The company's IBKR retail equity share volume also saw an 8% increase, reaching 1,002 million shares.

Virtu Financial's rule 605 volume and quoted spread have seen a 15% increase, with an average daily dollar value of quoted spread reaching $643 million and executed rule 605 shares reaching $643 million, representing a 7% increase quarter-over-quarter through January.

Furthermore, Virtu Financial has made significant progress in its share buyback program, with cumulative shares repurchased reaching 45.2 million, representing 17.4% of shares outstanding. The total repurchased amount has reached $287 million, with an average price of $27.82 per share.

In terms of adjusted financial metrics, Virtu Financial's total adjusted net trading income for the first quarter of 2024 reached $505 million, a significant decrease from the previous quarter. The company's adjusted cash operating expenses increased by 2%, reaching $162 million, and the total adjusted operating expenses reached $178 million, representing an 8% increase quarter-over-quarter.

Virtu Financial's adjusted EBITDA for the first quarter of 2024 was $99 million, with an adjusted EBITDA margin of 38%, marking a significant decrease from previous periods.

As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $19.32. Check out the company's full 8-K submission here.

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