Virtus Investment Partners, Inc. (NASDAQ:VRTS) Raised to Buy at BidaskClub
Virtus Investment Partners, Inc. (NASDAQ:VRTS) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.
A number of other analysts have also recently weighed in on VRTS. Zacks Investment Research raised shares of Virtus Investment Partners from a “sell” rating to a “hold” rating and set a $122.00 target price on the stock in a research note on Friday, April 14th. Jefferies Group LLC set a $110.00 target price on shares of Virtus Investment Partners and gave the stock a “hold” rating in a research note on Sunday, April 30th. Finally, Morgan Stanley started coverage on shares of Virtus Investment Partners in a research note on Thursday, June 1st. They set an “equal weight” rating and a $105.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $113.20.
Shares of Virtus Investment Partners (NASDAQ:VRTS) traded down 1.85% on Friday, hitting $116.55. The stock had a trading volume of 91,372 shares. Virtus Investment Partners has a 12-month low of $78.91 and a 12-month high of $128.10. The firm has a market capitalization of $814.57 million, a P/E ratio of 18.27 and a beta of 1.71. The company has a 50 day moving average of $105.17 and a 200-day moving average of $109.89.
Virtus Investment Partners (NASDAQ:VRTS) last posted its earnings results on Friday, April 28th. The closed-end fund reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by $0.46. The company had revenue of $79.78 million for the quarter, compared to the consensus estimate of $80.67 million. Virtus Investment Partners had a return on equity of 10.71% and a net margin of 15.27%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.12 EPS. Equities analysts predict that Virtus Investment Partners will post $7.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be issued a dividend of $0.45 per share. The ex-dividend date is Thursday, July 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.54%. Virtus Investment Partners’s dividend payout ratio (DPR) is presently 27.91%.
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Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Virtus Investment Partners by 2.8% in the fourth quarter. Principal Financial Group Inc. now owns 44,501 shares of the closed-end fund’s stock worth $5,227,000 after buying an additional 1,218 shares during the period. Bank of Montreal Can purchased a new position in Virtus Investment Partners during the second quarter valued at about $124,561,000. Norges Bank purchased a new position in Virtus Investment Partners during the fourth quarter valued at about $5,237,000. Systematic Financial Management LP purchased a new position in Virtus Investment Partners during the fourth quarter valued at about $2,813,000. Finally, JPMorgan Chase & Co. raised its position in Virtus Investment Partners by 1,853.2% in the third quarter. JPMorgan Chase & Co. now owns 28,400 shares of the closed-end fund’s stock valued at $2,779,000 after buying an additional 26,946 shares during the last quarter. Institutional investors own 98.54% 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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