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 equities research analysts have also issued reports on the stock. Jefferies Group increased their target price on shares of Virtus Investment Partners from $87.00 to $97.00 and gave the stock a hold rating in a research note on Tuesday. Credit Suisse Group AG set a $104.00 target price on shares of Virtus Investment Partners and gave the stock a buy rating in a research note on Monday, September 19th.
Shares of Virtus Investment Partners (NASDAQ:VRTS) traded up 0.437% on Tuesday, hitting $98.288. The company had a trading volume of 17,708 shares. Virtus Investment Partners has a 1-year low of $66.12 and a 1-year high of $141.97. The firm has a market capitalization of $758.59 million, a price-to-earnings ratio of 32.016 and a beta of 1.79. The company has a 50 day moving average price of $94.02 and a 200 day moving average price of $82.49.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings results on Friday, July 29th. The closed-end fund reported $1.24 earnings per share for the quarter, missing the 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%. Virtus Investment Partners’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.21 earnings per share. On average, equities analysts forecast that Virtus Investment Partners will post $5.25 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 11th. Shareholders of record on Monday, October 31st will be given a $0.45 dividend. The ex-dividend date is Thursday, October 27th. This represents a $1.80 annualized dividend and a yield of 1.84%. Virtus Investment Partners’s dividend payout ratio is presently 57.88%.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake 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 valued at $127,000 after buying an additional 1,291 shares during the period. 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 $205,000. BW Gestao de Investimentos Ltda. bought a new stake in shares of Virtus Investment Partners during the second quarter worth $345,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Virtus Investment Partners during the first quarter worth $375,000. 96.23% of the stock is owned by institutional investors and hedge funds.
About Virtus Investment Partners
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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