Virtus Investment Partners Inc. (VRTS) Trading 5% Higher
Shares of Virtus Investment Partners Inc. (NASDAQ:VRTS) traded up 5% during trading on Friday . The stock traded as high as $95.75 and last traded at $93.91, with a volume of 132,026 shares changing hands. The stock had previously closed at $89.48.
Several analysts have recently commented on the stock. Credit Suisse Group AG upgraded shares of Virtus Investment Partners from a “neutral” rating to an “outperform” rating and increased their price target for the company from $90.00 to $91.00 in a research report on Thursday, July 14th. Zacks Investment Research downgraded shares of Virtus Investment Partners from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th. Finally, Sandler O’Neill reduced their price objective on shares of Virtus Investment Partners from $91.00 to $71.00 in a research note on Tuesday, April 12th.
The stock’s 50-day moving average is $79.48 and its 200 day moving average is $80.84. The stock has a market cap of $762.84 million and a price-to-earnings ratio of 30.07.
Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings data on Friday, July 29th. The closed-end fund reported $1.24 earnings per share 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 analysts’ expectations of $78.86 million. The firm’s revenue was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.21 EPS. On average, analysts forecast that Virtus Investment Partners Inc. will post $5.29 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, July 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.95%.
Several hedge funds recently added to or reduced their stakes in VRTS. Matarin Capital Management LLC bought a new stake in Virtus Investment Partners during the fourth quarter worth approximately $1,934,000. Victory Capital Management Inc. increased its stake in Virtus Investment Partners by 12.5% in the fourth quarter. Victory Capital Management Inc. now owns 248,296 shares of the closed-end fund’s stock worth $29,165,000 after buying an additional 27,680 shares during the period. Wells Fargo & Company MN increased its stake in Virtus Investment Partners by 2.3% in the fourth quarter. Wells Fargo & Company MN now owns 368,243 shares of the closed-end fund’s stock worth $43,254,000 after buying an additional 8,379 shares during the period. Morgan Stanley increased its stake in Virtus Investment Partners by 1,599.3% in the fourth quarter. Morgan Stanley now owns 94,889 shares of the closed-end fund’s stock worth $11,145,000 after buying an additional 89,305 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Virtus Investment Partners by 9.1% in the fourth quarter. New York State Common Retirement Fund now owns 26,495 shares of the closed-end fund’s stock worth $3,112,000 after buying an additional 2,199 shares during the period.
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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