Virtus Investment Partners (NASDAQ:VRTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
VRTS has been the topic of several other reports. Sandler O’Neill restated a “hold” rating and issued a $142.00 price target on shares of Virtus Investment Partners in a research report on Thursday, March 15th. BidaskClub lowered Virtus Investment Partners from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. Barclays raised their price target on Virtus Investment Partners from $133.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. TheStreet lowered Virtus Investment Partners from a “b” rating to a “c+” rating in a research report on Wednesday, February 14th. Finally, Goldman Sachs upgraded Virtus Investment Partners from a “sell” rating to a “neutral” rating and set a $130.00 price target on the stock in a research report on Tuesday, January 9th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $140.63.
Shares of NASDAQ:VRTS traded down $2.00 during midday trading on Friday, hitting $124.50. The company had a trading volume of 66,360 shares, compared to its average volume of 50,884. Virtus Investment Partners has a 12 month low of $97.60 and a 12 month high of $135.90. The company has a quick ratio of 17.17, a current ratio of 17.17 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $907.17, a P/E ratio of 16.21, a P/E/G ratio of 0.28 and a beta of 1.65.
Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings results on Friday, February 2nd. The closed-end fund reported $2.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.42 by $0.18. Virtus Investment Partners had a return on equity of 13.75% and a net margin of 8.70%. The business had revenue of $128.00 million for the quarter, compared to analyst estimates of $127.09 million. During the same period last year, the company earned $1.75 EPS. The firm’s revenue was up 60.2% on a year-over-year basis. equities research analysts expect that Virtus Investment Partners will post 12.36 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the business. Municipal Employees Retirement System of Michigan lifted its holdings in Virtus Investment Partners by 73.2% during the third quarter. Municipal Employees Retirement System of Michigan now owns 2,720 shares of the closed-end fund’s stock worth $316,000 after acquiring an additional 1,150 shares in the last quarter. Ascend Capital LLC raised its stake in shares of Virtus Investment Partners by 21.3% in the 4th quarter. Ascend Capital LLC now owns 37,953 shares of the closed-end fund’s stock valued at $4,367,000 after purchasing an additional 6,663 shares during the period. Pinebridge Investments L.P. raised its stake in shares of Virtus Investment Partners by 436.0% in the 4th quarter. Pinebridge Investments L.P. now owns 4,803 shares of the closed-end fund’s stock valued at $552,000 after purchasing an additional 3,907 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Virtus Investment Partners by 3.7% in the 4th quarter. Bank of New York Mellon Corp now owns 90,976 shares of the closed-end fund’s stock valued at $10,468,000 after purchasing an additional 3,282 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Virtus Investment Partners by 7.8% in the 3rd quarter. Principal Financial Group Inc. now owns 54,432 shares of the closed-end fund’s stock valued at $6,317,000 after purchasing an additional 3,932 shares during the period. Hedge funds and other institutional investors own 95.81% of the company’s stock.
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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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