Bank of Montreal Can Has $2.68 Million Stake in Virtus Investment Partners, Inc. (NASDAQ:VRTS)
Bank of Montreal Can decreased its position in Virtus Investment Partners, Inc. (NASDAQ:VRTS) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,158 shares of the closed-end fund’s stock after selling 597 shares during the period. Bank of Montreal Can’s holdings in Virtus Investment Partners were worth $2,681,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Virtus Investment Partners by 26.5% in the first quarter. Vanguard Group Inc. now owns 647,617 shares of the closed-end fund’s stock worth $68,583,000 after buying an additional 135,509 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Virtus Investment Partners by 23.6% in the first quarter. Dimensional Fund Advisors LP now owns 472,922 shares of the closed-end fund’s stock worth $50,082,000 after buying an additional 90,422 shares during the period. Victory Capital Management Inc. increased its position in Virtus Investment Partners by 10.4% in the first quarter. Victory Capital Management Inc. now owns 428,610 shares of the closed-end fund’s stock worth $45,390,000 after buying an additional 40,221 shares during the period. JPMorgan Chase & Co. increased its position in Virtus Investment Partners by 50.4% in the first quarter. JPMorgan Chase & Co. now owns 185,925 shares of the closed-end fund’s stock worth $19,690,000 after buying an additional 62,331 shares during the period. Finally, Citadel Advisors LLC purchased a new position in Virtus Investment Partners during the first quarter worth approximately $18,618,000. 98.32% of the stock is currently owned by institutional investors and hedge funds.
Virtus Investment Partners, Inc. (NASDAQ:VRTS) traded down 3.52% during midday trading on Thursday, hitting $110.95. The stock had a trading volume of 9,907 shares. Virtus Investment Partners, Inc. has a 52 week low of $87.03 and a 52 week high of $128.10. The stock’s 50 day moving average price is $113.61 and its 200-day moving average price is $108.77. The company has a market cap of $775.43 million, a PE ratio of 21.59 and a beta of 1.72.
Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings data on Friday, July 28th. The closed-end fund reported $1.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.66 by $0.05. The firm had revenue of $94.10 million for the quarter, compared to the consensus estimate of $91.78 million. Virtus Investment Partners had a return on equity of 11.81% and a net margin of 12.13%. Virtus Investment Partners’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.24 earnings per share. Equities research analysts predict that Virtus Investment Partners, Inc. will post $7.58 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.45 per share. The ex-dividend date is Thursday, July 27th. This represents a $1.80 annualized dividend and a yield of 1.57%. Virtus Investment Partners’s dividend payout ratio is 35.02%.
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VRTS has been the subject of a number of research reports. Zacks Investment Research upgraded Virtus Investment Partners from a “sell” rating to a “hold” rating and set a $122.00 price target for the company in a research note on Friday, April 14th. Jefferies Group LLC set a $110.00 price target on Virtus Investment Partners and gave the stock a “hold” rating in a research note on Sunday, April 30th. Morgan Stanley initiated coverage on Virtus Investment Partners in a research note on Thursday, June 1st. They issued an “equal weight” rating and a $105.00 price target for the company. BidaskClub upgraded Virtus Investment Partners from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Finally, Credit Suisse Group upgraded Virtus Investment Partners from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $141.00 to $147.00 in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $119.80.
About Virtus Investment Partners
Virtus Investment Partners, Inc (Virtus) is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts.
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