Zacks Investment Research downgraded shares of Virtus Investment Partners (NASDAQ:VRTS) from a buy rating to a hold rating in a report issued on Wednesday, March 14th.
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. “
Several other equities analysts also recently issued reports on VRTS. BidaskClub downgraded 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 target on shares of Virtus Investment Partners and gave the company a hold rating in a report on Thursday, January 11th. Credit Suisse Group lifted their price target on shares of Virtus Investment Partners from $166.00 to $173.00 and gave the company an outperform rating in a report on Tuesday, February 6th. Barclays raised their price objective on shares of Virtus Investment Partners from $133.00 to $140.00 and gave the company an equal weight rating in a research report on Monday, February 5th. Finally, Morgan Stanley raised their price objective on shares of Virtus Investment Partners from $127.00 to $136.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Virtus Investment Partners has an average rating of Hold and an average price target of $140.63.
Shares of NASDAQ:VRTS traded down $2.00 during midday trading on Wednesday, reaching $124.50. 66,360 shares of the company’s stock were exchanged, compared to its average volume of 50,884. The company has a market capitalization of $892.83, a price-to-earnings ratio of 16.21, a PEG ratio of 0.28 and a beta of 1.65. Virtus Investment Partners has a 12 month low of $97.60 and a 12 month high of $135.90. The company has a debt-to-equity ratio of 0.50, a quick ratio of 17.17 and a current ratio of 17.17.
Virtus Investment Partners (NASDAQ:VRTS) last released its quarterly earnings data on Friday, February 2nd. The closed-end fund reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.42 by $0.18. The company had revenue of $128.00 million during the quarter, compared to the consensus estimate of $127.09 million. Virtus Investment Partners had a net margin of 8.70% and a return on equity of 13.75%. The firm’s revenue for the quarter was up 60.2% compared to the same quarter last year. During the same period last year, the firm earned $1.75 EPS. sell-side analysts forecast that Virtus Investment Partners will post 12.36 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Monday, April 30th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, April 27th. Virtus Investment Partners’s dividend payout ratio is 23.44%.
Several large investors have recently modified their holdings of VRTS. Parametric Portfolio Associates LLC grew its position in shares of Virtus Investment Partners by 42.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 6,506 shares of the closed-end fund’s stock worth $722,000 after buying an additional 1,948 shares during the period. State Street Corp grew its position in shares of Virtus Investment Partners by 6.8% during the 2nd quarter. State Street Corp now owns 154,490 shares of the closed-end fund’s stock worth $17,136,000 after buying an additional 9,784 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Virtus Investment Partners by 40.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,347 shares of the closed-end fund’s stock worth $594,000 after buying an additional 1,544 shares during the period. California State Teachers Retirement System boosted its stake in Virtus Investment Partners by 17.8% during the 2nd quarter. California State Teachers Retirement System now owns 11,921 shares of the closed-end fund’s stock worth $1,323,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in Virtus Investment Partners during the 3rd quarter worth approximately $204,000. 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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