Virtu Financial Inc (NASDAQ:VIRT) stock was on the rise Friday after the release of its earnings report for the third quarter of 2016.
Virtu Financial Inc reported earnings per share of 20 cents for the third quarter of 2016. This is down from its earnings per share of 40 cents reported during the same time last year. However, it did come in above Wall Street’s estimate of 19 cents for the quarter.
Revenue reported by Virtu Financial Inc in the third quarter of 2016 was $164.81 million. Revenue from the third quarter of 2015 was $215.80 million. Analysts were looking for the company to report revenue of $92.99 million in the third quarter of the year.
Net income reported by Virtu Financial Inc for the third quarter of 2016 was $27.34 million. Net income reported by the financial company in the third quarter of 2015 was $55.20 million.
“Market volumes were muted and realized volatility has been at historic lows, reducing the opportunity for a market maker to earn spread, which is the core of our model,” Douglas Cifu, CEO of Virtu Financial Inc, said in a statement. “We are optimistic that when volumes and volatility return, Virtu is poised to generate strong performance given our global market presence and disciplined market making model.”
Virtu Financial Inc also announced its quarterly dividend for the third quarter of 2016. The company will pay a dividend of 24 cents per share to investors on Dec. 15, 2016. Investors must be on record with the company as of Dec. 1, 2016 to receive this dividend.
VIRT stock was up 6% as of Friday morning, but is down 41% year-to-date.