Virtus Investment Partners Inc. (VRTS) Upgraded 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 report sent to investors on Thursday. Zacks Investment Research 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. “
Several other research analysts have also recently weighed in on VRTS. Credit Suisse Group AG upgraded Virtus Investment Partners from a neutral rating to an outperform rating and boosted their price target for the stock from $90.00 to $91.00 in a research note on Thursday, July 14th. Jefferies Group boosted their price target on Virtus Investment Partners from $74.00 to $87.00 and gave the stock a hold rating in a research note on Monday, August 8th.
Virtus Investment Partners (NASDAQ:VRTS) opened at 96.60 on Thursday. The company has a market cap of $745.56 million, a P/E ratio of 31.47 and a beta of 1.79. Virtus Investment Partners has a 52 week low of $66.12 and a 52 week high of $141.97. The firm has a 50-day moving average price of $94.95 and a 200 day moving average price of $83.05.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings data on Friday, July 29th. The closed-end fund reported $1.24 earnings per share (EPS) for the quarter, missing the Zacks’ 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. Virtus Investment Partners had a net margin of 7.80% and a return on equity of 9.37%. The firm’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.21 EPS. Analysts expect 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. Investors of record on Monday, October 31st will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, October 27th. Virtus Investment Partners’s dividend payout ratio (DPR) is presently 57.88%.
A number of hedge funds have recently bought and sold shares of the stock. 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 worth $127,000 after buying an additional 1,291 shares during the period. 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 approximately $205,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Virtus Investment Partners during the first quarter worth approximately $375,000. Finally, BW Gestao de Investimentos Ltda. purchased a new stake in Virtus Investment Partners during the second quarter worth approximately $345,000. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Virtus Investment Partners Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virtus Investment Partners Inc. and related companies with MarketBeat.com's FREE daily email newsletter.