Virtus Investment Partners, Inc. (VRTS) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) from a hold rating to a strong-buy rating in a research note released on Thursday morning. The brokerage currently has $133.00 price objective on the closed-end fund’s stock.
According to Zacks, “Virtus Investment Partners, Inc., headquartered in Hartford, Connecticut, provides investment management products and services to individuals and institutions in the United States. . It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. The Company provides its products in a number of forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds and separately managed accounts. The Company manages institutional accounts for corporations, multi-employer retirement funds and foundations, endowments, special purpose funds and other types of institutions. “
A number of other research analysts have also recently commented on VRTS. Jefferies Group LLC restated a hold rating and set a $117.00 price target on shares of Virtus Investment Partners in a research note on Friday, August 18th. Credit Suisse Group increased their target price on Virtus Investment Partners from $141.00 to $147.00 and gave the stock a neutral rating in a report on Tuesday, August 8th. ValuEngine downgraded Virtus Investment Partners from a buy rating to a hold rating in a research report on Friday, September 1st. BidaskClub downgraded Virtus Investment Partners from a hold rating to a sell rating in a research report on Monday, August 14th. Finally, Barclays PLC began coverage on Virtus Investment Partners in a research note on Friday, September 8th. They issued an equal weight rating and a $113.00 price target on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a strong buy rating to the company’s stock. Virtus Investment Partners has a consensus rating of Hold and a consensus target price of $121.67.
Virtus Investment Partners (NASDAQ:VRTS) opened at 116.05 on Thursday. The firm has a market cap of $837.53 million, a P/E ratio of 22.58 and a beta of 1.76. The firm has a 50-day moving average of $109.52 and a 200-day moving average of $108.08. Virtus Investment Partners has a 12-month low of $92.80 and a 12-month high of $128.10.
Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.05). The business had revenue of $94.10 million for the quarter, compared to analyst estimates of $91.78 million. Virtus Investment Partners had a return on equity of 11.35% and a net margin of 12.13%. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.24 EPS. On average, analysts expect that Virtus Investment Partners will post $7.60 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $1.80 dividend on an annualized basis and a yield of 1.55%. Virtus Investment Partners’s dividend payout ratio is 35.02%.
Institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue grew its holdings in shares of Virtus Investment Partners by 83.8% during the second quarter. State of Alaska Department of Revenue now owns 1,305 shares of the closed-end fund’s stock worth $144,000 after purchasing an additional 595 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in shares of Virtus Investment Partners by 14.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 1,470 shares of the closed-end fund’s stock valued at $156,000 after buying an additional 190 shares during the last quarter. Mason Street Advisors LLC raised its holdings in shares of Virtus Investment Partners by 23.9% in the first quarter. Mason Street Advisors LLC now owns 1,515 shares of the closed-end fund’s stock valued at $160,000 after buying an additional 292 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Virtus Investment Partners by 17.6% in the first quarter. BNP Paribas Arbitrage SA now owns 1,627 shares of the closed-end fund’s stock valued at $172,000 after buying an additional 244 shares during the last quarter. Finally, Aperio Group LLC bought a new position in shares of Virtus Investment Partners in the second quarter valued at about $205,000. 95.86% of the stock is currently owned by institutional investors.
Virtus Investment Partners Company Profile
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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