Zacks Investment Research upgraded shares of Virtus Investment Partners (NASDAQ:VRTS) from a hold rating to a buy rating in a research report released on Saturday. They currently have $145.00 price target on the closed-end fund’s stock.
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. “
A number of other equities analysts have also weighed in on VRTS. BidaskClub lowered shares of Virtus Investment Partners from a buy rating to a hold rating in a report on Tuesday, December 12th. Sandler O’Neill set a $132.00 price objective on shares of Virtus Investment Partners and gave the stock a hold rating in a report on Thursday, January 11th. Goldman Sachs Group upgraded shares of Virtus Investment Partners from a sell rating to a neutral rating and set a $130.00 price objective for the company in a report on Tuesday, January 9th. Jefferies Group reaffirmed a hold rating and issued a $127.00 target price (up previously from $117.00) on shares of Virtus Investment Partners in a research report on Tuesday, October 10th. Finally, Barclays lifted their target price on shares of Virtus Investment Partners from $113.00 to $116.00 and gave the stock an equal weight rating in a research report on Tuesday, October 10th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $132.13.
Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings data on Friday, October 27th. The closed-end fund reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.38 by ($0.08). Virtus Investment Partners had a return on equity of 12.75% and a net margin of 11.64%. The firm had revenue of $123.70 million during the quarter, compared to analysts’ expectations of $116.85 million. During the same quarter in the previous year, the firm earned $1.64 earnings per share. Virtus Investment Partners’s revenue was up 50.3% on a year-over-year basis. analysts forecast that Virtus Investment Partners will post 7.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Tuesday, January 30th. Virtus Investment Partners’s dividend payout ratio (DPR) is presently 33.58%.
A number of large investors have recently bought and sold shares of VRTS. Point72 Asset Management L.P. grew its position in Virtus Investment Partners by 2,031.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 74,600 shares of the closed-end fund’s stock worth $8,657,000 after purchasing an additional 71,100 shares during the period. BlackRock Inc. grew its position in Virtus Investment Partners by 8.3% in the 2nd quarter. BlackRock Inc. now owns 825,955 shares of the closed-end fund’s stock worth $91,638,000 after purchasing an additional 63,155 shares during the period. Vanguard Group Inc. grew its position in Virtus Investment Partners by 8.6% in the 2nd quarter. Vanguard Group Inc. now owns 703,488 shares of the closed-end fund’s stock worth $78,051,000 after purchasing an additional 55,871 shares during the period. Mangrove Partners bought a new stake in Virtus Investment Partners in the 2nd quarter worth approximately $4,985,000. Finally, JPMorgan Chase & Co. grew its position in Virtus Investment Partners by 31.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 174,866 shares of the closed-end fund’s stock worth $20,302,000 after purchasing an additional 42,139 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.
Virtus Investment Partners Company Profile
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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