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%.

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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.

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