Virtus Investment Partners Inc. (VRTS) Downgraded to “Hold” at Zacks Investment Research
Virtus Investment Partners Inc. (NASDAQ:VRTS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Other equities analysts also recently issued research reports about the stock. Jefferies Group increased their price target on shares of Virtus Investment Partners from $87.00 to $97.00 and gave the company a “hold” rating in a report on Tuesday. 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 report on Thursday, July 14th.
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Virtus Investment Partners (NASDAQ:VRTS) traded down 1.72% during midday trading on Tuesday, hitting $97.85. 36,379 shares of the stock were exchanged. The stock has a market cap of $755.21 million, a price-to-earnings ratio of 31.87 and a beta of 1.79. The firm has a 50 day moving average of $93.76 and a 200-day moving average of $82.38. Virtus Investment Partners has a 12-month low of $66.12 and a 12-month high of $141.97.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings results 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 earned $80.10 million during 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 business’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.21 EPS. On average, equities analysts expect that Virtus Investment Partners will post $5.25 earnings per share for the current year.
Large investors have recently modified their holdings of the stock. 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 during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of 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 last quarter. Loews Corp acquired a new stake in shares of Virtus Investment Partners during the second quarter worth approximately $205,000. BW Gestao de Investimentos Ltda. acquired a new stake in shares of Virtus Investment Partners during the second quarter worth approximately $345,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Virtus Investment Partners during the first quarter worth approximately $375,000. 96.23% of the stock is currently owned by hedge funds and other institutional investors.
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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