Zacks Investment Research downgraded shares of Virtus Investment Partners, Inc. (NASDAQ:VRTS) from a strong-buy rating to a hold rating in a report released on Thursday.

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 analysts also recently weighed in on the company. Jefferies Group LLC restated a hold rating and issued a $127.00 target price (up previously from $117.00) on shares of Virtus Investment Partners in a research report on Tuesday, October 10th. Barclays PLC boosted their target price on Virtus Investment Partners from $113.00 to $116.00 and gave the stock an equal weight rating in a research report on Tuesday, October 10th. Bank of America Corporation upgraded Virtus Investment Partners from an underperform rating to a neutral rating and boosted their target price for the stock from $112.00 to $130.00 in a research report on Monday, October 9th. Morgan Stanley set a $123.00 target price on Virtus Investment Partners and gave the stock an equal weight rating in a research report on Thursday, October 5th. Finally, ValuEngine downgraded Virtus Investment Partners from a buy rating to a hold rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $129.33.

Shares of Virtus Investment Partners (VRTS) opened at 122.00 on Thursday. The company’s 50-day moving average is $113.18 and its 200 day moving average is $109.61. The company has a market cap of $880.47 million, a PE ratio of 23.74 and a beta of 1.76. Virtus Investment Partners has a 52-week low of $92.80 and a 52-week high of $128.10.

Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings results on Friday, July 28th. The closed-end fund reported $1.61 earnings per share (EPS) 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 the consensus estimate of $91.78 million. Virtus Investment Partners had a net margin of 12.13% and a return on equity of 11.35%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.24 EPS. On average, analysts anticipate that Virtus Investment Partners will post $7.63 EPS for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be given a $0.45 dividend. 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 1.48%. Virtus Investment Partners’s payout ratio is 35.02%.

A number of institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN increased its stake in Virtus Investment Partners by 0.5% in the 2nd quarter. Wells Fargo & Company MN now owns 4,397 shares of the closed-end fund’s stock worth $488,000 after purchasing an additional 21 shares during the period. Sterling Capital Management LLC increased its stake in Virtus Investment Partners by 0.8% in the 2nd quarter. Sterling Capital Management LLC now owns 7,712 shares of the closed-end fund’s stock worth $856,000 after purchasing an additional 58 shares during the period. Prudential Financial Inc. increased its stake in Virtus Investment Partners by 0.5% in the 2nd quarter. Prudential Financial Inc. now owns 11,278 shares of the closed-end fund’s stock worth $1,251,000 after purchasing an additional 60 shares during the period. Louisiana State Employees Retirement System increased its stake in Virtus Investment Partners by 3.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 2,700 shares of the closed-end fund’s stock worth $300,000 after purchasing an additional 100 shares during the period. Finally, Municipal Employees Retirement System of Michigan increased its stake in Virtus Investment Partners by 6.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 1,570 shares of the closed-end fund’s stock worth $174,000 after purchasing an additional 100 shares during the period. 95.86% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Virtus Investment Partners (NASDAQ:VRTS)

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