Virtus Investment Partners Inc. (VRTS) Price Target Raised to $97.00
Virtus Investment Partners Inc. (NASDAQ:VRTS) had its price target upped by Jefferies Group from $87.00 to $97.00 in a research note issued to investors on Tuesday. Jefferies Group currently has a hold rating on the closed-end fund’s stock.
A number of other research firms have also weighed in on VRTS. 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. Zacks Investment Research upgraded shares of Virtus Investment Partners from a sell rating to a hold rating in a research note on Wednesday, August 10th.
Shares of Virtus Investment Partners (NASDAQ:VRTS) opened at 97.24 on Tuesday. The company has a 50-day moving average of $94.72 and a 200-day moving average of $82.85. The firm has a market capitalization of $750.50 million, a PE ratio of 31.67 and a beta of 1.79. Virtus Investment Partners has a 1-year low of $66.12 and a 1-year high of $141.97.
Virtus Investment Partners (NASDAQ:VRTS) last released its earnings results on Friday, July 29th. The closed-end fund reported $1.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.32 by $0.08. Virtus Investment Partners had a return on equity of 9.37% and a net margin of 7.80%. The firm had revenue of $80.10 million for the quarter, compared to analysts’ expectations of $78.86 million. During the same quarter in the previous year, the company posted $2.21 earnings per share. The firm’s quarterly revenue was down 19.6% on a year-over-year basis. Equities research analysts predict that Virtus Investment Partners will post $5.25 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 11th. Stockholders of record on Monday, October 31st will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Thursday, October 27th. Virtus Investment Partners’s payout ratio is currently 57.88%.
Large investors have recently bought and sold shares of the stock. Bank of Montreal Can purchased a new stake in Virtus Investment Partners during the second quarter valued at $124,561,000. Marcato Capital Management LP increased its stake in Virtus Investment Partners by 28.6% in the first quarter. Marcato Capital Management LP now owns 59,305 shares of the closed-end fund’s stock valued at $4,632,000 after buying an additional 13,200 shares during the last quarter. Franklin Resources Inc. increased its stake in Virtus Investment Partners by 1.0% in the first quarter. Franklin Resources Inc. now owns 337,319 shares of the closed-end fund’s stock valued at $26,348,000 after buying an additional 3,275 shares during the last quarter. Brown Advisory Inc. purchased a new stake in Virtus Investment Partners during the second quarter valued at $24,967,000. Finally, Prudential Financial Inc. increased its stake in Virtus Investment Partners by 1.9% in the first quarter. Prudential Financial Inc. now owns 16,308 shares of the closed-end fund’s stock valued at $1,274,000 after buying an additional 300 shares during the last quarter. 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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