Zacks Investment Research upgraded shares of Virtus Investment Partners Inc. (NASDAQ:VRTS) from a hold rating to a buy rating in a research note issued to investors on Thursday. Zacks Investment Research currently has $110.00 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. “
Several other research analysts also recently issued reports on VRTS. Credit Suisse Group AG upgraded shares of Virtus Investment Partners from a neutral rating to an outperform rating and upped their price target for the stock from $90.00 to $91.00 in a research report on Thursday, July 14th. Jefferies Group upped their price target on shares of Virtus Investment Partners from $74.00 to $87.00 and gave the stock a hold rating in a research report on Monday, August 8th.
Virtus Investment Partners (NASDAQ:VRTS) opened at 96.85 on Thursday. The stock has a market capitalization of $747.49 million, a P/E ratio of 31.55 and a beta of 1.79. Virtus Investment Partners has a 52-week low of $66.12 and a 52-week high of $141.97. The stock has a 50 day moving average of $95.16 and a 200 day moving average of $83.20.
Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings results on Friday, July 29th. The closed-end fund reported $1.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.08. The company had revenue of $80.10 million for the quarter, compared to analyst estimates of $78.86 million. Virtus Investment Partners had a return on equity of 9.37% and a net margin of 7.80%. The firm’s quarterly revenue was down 19.6% on a year-over-year basis. During the same quarter last year, the company earned $2.21 EPS. On average, equities research analysts forecast that Virtus Investment Partners will post $5.25 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 11th. Shareholders of record on Monday, October 31st will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.80 dividend on an annualized basis and a yield of 1.86%. Virtus Investment Partners’s payout ratio is presently 57.88%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRTS. BlackRock Inc. increased its position in Virtus Investment Partners by 260.8% in the second quarter. BlackRock Inc. now owns 1,786 shares of the closed-end fund’s stock worth $127,000 after buying an additional 1,291 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Virtus Investment Partners by 87.4% in the second quarter. BNP Paribas Arbitrage SA now owns 2,052 shares of the closed-end fund’s stock worth $146,000 after buying an additional 957 shares during the period. Loews Corp bought a new stake in shares of Virtus Investment Partners during the second quarter worth approximately $205,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Virtus Investment Partners during the first quarter worth approximately $375,000. Finally, BW Gestao de Investimentos Ltda. bought a new stake in shares of Virtus Investment Partners during the second quarter worth approximately $345,000. Institutional investors own 96.23% of the company’s stock.
Virtus Investment Partners Company Profile
Virtus Investment Partners, Inc 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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