Virtus Investment Partners Inc. (VRTS) Upgraded at Zacks Investment Research
Virtus Investment Partners Inc. (NASDAQ:VRTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage presently has a $110.00 price objective on the closed-end fund’s stock. Zacks Investment Research’s target price indicates a potential upside of 12.06% from the stock’s previous close.
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 research analysts have also issued research reports about the stock. Jefferies Group raised their price objective on shares of Virtus Investment Partners from $87.00 to $97.00 and gave the company a “hold” rating in a research note on Tuesday. Credit Suisse Group AG upgraded shares of Virtus Investment Partners from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $90.00 to $91.00 in a report on Thursday, July 14th.
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Shares of Virtus Investment Partners (NASDAQ:VRTS) opened at 98.16 on Thursday. Virtus Investment Partners has a 12-month low of $66.12 and a 12-month high of $141.97. The firm has a market capitalization of $757.60 million, a P/E ratio of 31.97 and a beta of 1.79. The stock’s 50 day moving average price is $94.27 and its 200-day moving average price is $82.61.
Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings data on Friday, July 29th. The closed-end fund reported $1.24 EPS for the quarter, missing the Zacks’ consensus estimate of $1.32 by $0.08. Virtus Investment Partners had a net margin of 7.80% and a return on equity of 9.37%. The company had revenue of $80.10 million for the quarter, compared to analyst estimates of $78.86 million. During the same quarter in the prior year, the business earned $2.21 EPS. Virtus Investment Partners’s revenue was down 19.6% compared to the same quarter last year. On average, equities analysts expect that Virtus Investment Partners will post $5.25 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 11th. Investors of record on Monday, October 31st will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Thursday, October 27th. Virtus Investment Partners’s payout ratio is 57.88%.
A number of institutional investors have recently bought and sold shares of VRTS. BlackRock Inc. raised its position 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 in the last quarter. BNP Paribas Arbitrage SA raised its position 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 in the last quarter. Loews Corp purchased a new position in Virtus Investment Partners during the second quarter worth approximately $205,000. BW Gestao de Investimentos Ltda. purchased a new position in Virtus Investment Partners during the second quarter worth approximately $345,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in Virtus Investment Partners during the first quarter worth approximately $375,000. 96.23% of the stock is 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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