Virtus Investment Partners Inc. (VRTS) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Virtus Investment Partners Inc. (NASDAQ:VRTS) from a hold rating to a buy rating in a research note published on Thursday morning. The brokerage 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. “
VRTS has been the topic of several other reports. Credit Suisse Group AG set a $104.00 target price on shares of Virtus Investment Partners and gave the company a buy rating in a research note on Monday, September 19th. Jefferies Group boosted their target price on shares of Virtus Investment Partners from $74.00 to $87.00 and gave the company a hold rating in a research note on Monday, August 8th.
Virtus Investment Partners (NASDAQ:VRTS) traded up 0.97% on Thursday, hitting $97.18. The stock had a trading volume of 7,402 shares. Virtus Investment Partners has a one year low of $66.12 and a one year high of $141.97. The stock has a market cap of $750.04 million, a P/E ratio of 31.65 and a beta of 1.79. The company’s 50-day moving average is $94.47 and its 200-day moving average is $82.70.
Virtus Investment Partners (NASDAQ:VRTS) last announced its earnings results on Friday, July 29th. The closed-end fund reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by $0.08. Virtus Investment Partners had a net margin of 7.80% and a return on equity of 9.37%. The firm had revenue of $80.10 million for the quarter, compared to analyst estimates of $78.86 million. During the same period last year, the firm earned $2.21 earnings per share. Virtus Investment Partners’s revenue for the quarter was down 19.6% compared to the same quarter last year. On average, analysts anticipate that Virtus Investment Partners will post $5.25 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 11th. Investors of record on Monday, October 31st will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, October 27th. Virtus Investment Partners’s dividend payout ratio is presently 57.88%.
A number of large investors have recently modified their holdings of VRTS. BlackRock Inc. boosted its stake in shares of 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 in the last quarter. BNP Paribas Arbitrage SA boosted its stake in 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 purchased a new stake in Virtus Investment Partners during the second quarter worth about $205,000. BW Gestao de Investimentos Ltda. purchased a new stake in Virtus Investment Partners during the second quarter worth about $345,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Virtus Investment Partners during the first quarter worth about $375,000. Hedge funds and other 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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