Jefferies Group Comments on Virtus Investment Partners, Inc.’s Q3 2017 Earnings (VRTS)
Virtus Investment Partners, Inc. (NASDAQ:VRTS) – Equities researchers at Jefferies Group increased their Q3 2017 earnings per share estimates for shares of Virtus Investment Partners in a note issued to investors on Tuesday. Jefferies Group analyst S. Thind now expects that the closed-end fund will post earnings of $2.40 per share for the quarter, up from their previous forecast of $2.34. Jefferies Group has a “Hold” rating and a $127.00 price target on the stock. Jefferies Group also issued estimates for Virtus Investment Partners’ Q4 2017 earnings at $2.56 EPS, FY2017 earnings at $7.81 EPS and FY2018 earnings at $10.89 EPS.
Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.05). Virtus Investment Partners had a net margin of 12.13% and a return on equity of 11.35%. The business had revenue of $94.10 million during the quarter, compared to analyst estimates of $91.78 million. During the same quarter in the prior year, the business earned $1.24 earnings per share. The firm’s quarterly revenue was up 17.5% on a year-over-year basis.
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Shares of Virtus Investment Partners (VRTS) opened at 122.75 on Wednesday. The firm has a market capitalization of $885.89 million, a PE ratio of 23.89 and a beta of 1.76. Virtus Investment Partners has a 1-year low of $92.80 and a 1-year high of $128.10. The firm has a 50-day moving average price of $111.61 and a 200-day moving average price of $109.24.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Tuesday, October 31st will be issued a $0.45 dividend. The ex-dividend date is Monday, October 30th. This represents a $1.80 dividend on an annualized basis and a yield of 1.47%. Virtus Investment Partners’s dividend payout ratio is currently 35.02%.
A number of hedge funds have recently modified their holdings of VRTS. State of Alaska Department of Revenue lifted its holdings in Virtus Investment Partners by 83.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 1,305 shares of the closed-end fund’s stock worth $144,000 after buying an additional 595 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Virtus Investment Partners by 14.8% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 1,470 shares of the closed-end fund’s stock valued at $156,000 after purchasing an additional 190 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of Virtus Investment Partners by 23.9% in the 1st quarter. Mason Street Advisors LLC now owns 1,515 shares of the closed-end fund’s stock valued at $160,000 after purchasing an additional 292 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Virtus Investment Partners by 17.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,627 shares of the closed-end fund’s stock valued at $172,000 after purchasing an additional 244 shares in the last quarter. Finally, Aperio Group LLC acquired a new stake in shares of Virtus Investment Partners in the 2nd quarter valued at about $205,000. Hedge funds and other institutional investors own 95.86% 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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