Bank of America Corp DE trimmed its holdings in Virtus Investment Partners Inc (NASDAQ:VRTS) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,950 shares of the closed-end fund’s stock after selling 995 shares during the quarter. Bank of America Corp DE owned 0.22% of Virtus Investment Partners worth $2,040,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new stake in Virtus Investment Partners in the second quarter valued at $215,000. Aperio Group LLC purchased a new stake in Virtus Investment Partners in the second quarter valued at $218,000. Crossmark Global Holdings Inc. purchased a new stake in Virtus Investment Partners in the second quarter valued at $239,000. SG Americas Securities LLC purchased a new stake in Virtus Investment Partners in the second quarter valued at $272,000. Finally, Dynamic Technology Lab Private Ltd boosted its holdings in Virtus Investment Partners by 47.7% in the second quarter. Dynamic Technology Lab Private Ltd now owns 2,564 shares of the closed-end fund’s stock valued at $328,000 after purchasing an additional 828 shares during the last quarter. 97.51% of the stock is currently owned by institutional investors.
VRTS stock opened at $103.42 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 27.62 and a current ratio of 27.62. Virtus Investment Partners Inc has a 52-week low of $96.22 and a 52-week high of $138.02. The stock has a market cap of $723.78 million, a PE ratio of 13.47, a PEG ratio of 0.34 and a beta of 1.40.
Virtus Investment Partners (NASDAQ:VRTS) last posted its earnings results on Friday, October 26th. The closed-end fund reported $3.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.30. Virtus Investment Partners had a net margin of 14.55% and a return on equity of 19.38%. The business had revenue of $152.20 million for the quarter, compared to analyst estimates of $149.06 million. During the same period in the prior year, the company posted $2.30 EPS. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. Sell-side analysts forecast that Virtus Investment Partners Inc will post 12.4 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be paid a dividend of $0.55 per share. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $0.45. This represents a $2.20 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Tuesday, October 30th. Virtus Investment Partners’s dividend payout ratio is presently 28.65%.
Several research firms have commented on VRTS. Zacks Investment Research lowered shares of Virtus Investment Partners from a “buy” rating to a “hold” rating in a report on Wednesday, October 31st. Barclays lowered their target price on shares of Virtus Investment Partners from $140.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, October 29th. Credit Suisse Group set a $150.00 target price on shares of Virtus Investment Partners and gave the stock a “buy” rating in a research note on Monday, October 29th. Morgan Stanley increased their target price on shares of Virtus Investment Partners from $145.00 to $147.00 and gave the stock a “hold” rating in a research note on Tuesday, October 9th. Finally, BidaskClub lowered shares of Virtus Investment Partners from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $134.67.
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Virtus Investment Partners Company Profile
Virtus Investment Partners, Inc is a publicly owned investment manager. The firm primarily provides its services to individual and institutional clients. It launches separate client focused equity and fixed income portfolios. The firm launches equity, fixed income, and balanced mutual funds for its clients.
Further Reading: Dollar Cost Averaging
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