Virtus Investment Partners, Inc. (VRTS) Downgraded by Zacks Investment Research
Virtus Investment Partners, Inc. (NASDAQ:VRTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 also recently commented on the company. Jefferies Group LLC set a $110.00 target price on Virtus Investment Partners and gave the stock a “hold” rating in a research note on Sunday, April 30th. Morgan Stanley began coverage on Virtus Investment Partners in a research note on Thursday, June 1st. They set an “equal weight” rating and a $105.00 target price for the company. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $111.40.
Virtus Investment Partners (NASDAQ:VRTS) traded up 0.60% during midday trading on Wednesday, hitting $108.80. The stock had a trading volume of 13,045 shares. The firm has a 50-day moving average price of $103.68 and a 200-day moving average price of $110.51. The firm has a market capitalization of $760.40 million, a price-to-earnings ratio of 17.06 and a beta of 1.78. Virtus Investment Partners has a 1-year low of $69.59 and a 1-year high of $128.10.
Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings results on Friday, April 28th. The closed-end fund reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by $0.46. The company had revenue of $79.78 million for the quarter, compared to analyst estimates of $80.67 million. Virtus Investment Partners had a return on equity of 10.71% and a net margin of 15.27%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm earned $1.12 EPS. On average, equities research analysts anticipate that Virtus Investment Partners will post $7.42 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $1.80 annualized dividend and a dividend yield of 1.66%. Virtus Investment Partners’s dividend payout ratio is currently 27.91%.
COPYRIGHT VIOLATION NOTICE: “Virtus Investment Partners, Inc. (VRTS) Downgraded by Zacks Investment Research” was first posted by American Banking News and is owned by of American Banking News. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://www.americanbankingnews.com/2017/06/14/virtus-investment-partners-inc-vrts-downgraded-by-zacks-investment-research.html.
Hedge funds and other institutional investors have recently modified their holdings of the company. CNA Financial Corp increased its position in shares of Virtus Investment Partners by 38.4% in the first quarter. CNA Financial Corp now owns 13,689 shares of the closed-end fund’s stock valued at $1,450,000 after buying an additional 3,800 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Virtus Investment Partners during the first quarter valued at approximately $249,000. Metropolitan Life Insurance Co. NY increased its position in shares of Virtus Investment Partners by 19.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 3,509 shares of the closed-end fund’s stock valued at $372,000 after buying an additional 574 shares in the last quarter. Paloma Partners Management Co increased its position in shares of Virtus Investment Partners by 191.1% in the first quarter. Paloma Partners Management Co now owns 10,400 shares of the closed-end fund’s stock valued at $1,101,000 after buying an additional 6,827 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Virtus Investment Partners during the first quarter valued at approximately $1,739,000. Institutional investors own 98.55% of the company’s stock.
About Virtus Investment Partners
Virtus Investment Partners, Inc (Virtus) 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.