Morgan Stanley Lowers Virtus Investment Partners (NASDAQ:VRTS) Price Target to $118.00

Virtus Investment Partners (NASDAQ:VRTS) had its target price dropped by equities researchers at Morgan Stanley from $121.00 to $118.00 in a research note issued on Tuesday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the closed-end fund’s stock. Morgan Stanley’s price target would suggest a potential upside of 6.16% from the company’s current price.

Several other research firms have also weighed in on VRTS. TheStreet upgraded shares of ZTO Express (Cayman) from a “c+” rating to a “b” rating in a research note on Thursday, May 16th. Bank of America set a $20.00 price objective on shares of Fiat Chrysler Automobiles and gave the company a “hold” rating in a research note on Thursday, June 6th. BidaskClub upgraded shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. ValuEngine upgraded shares of YPF from a “sell” rating to a “hold” rating in a research note on Monday, June 24th. Finally, Zacks Investment Research upgraded shares of GRIFOLS S A/S from a “sell” rating to a “hold” rating in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Virtus Investment Partners has an average rating of “Hold” and an average target price of $111.00.

Shares of NASDAQ:VRTS traded up $2.53 during mid-day trading on Tuesday, hitting $111.15. The stock had a trading volume of 92,736 shares, compared to its average volume of 74,925. The stock has a market capitalization of $750.29 million, a P/E ratio of 9.07, a PEG ratio of 2.06 and a beta of 1.64. Virtus Investment Partners has a 12-month low of $70.00 and a 12-month high of $134.25. The firm’s 50 day simple moving average is $106.08.

Virtus Investment Partners (NASDAQ:VRTS) last issued its quarterly earnings results on Friday, April 26th. The closed-end fund reported $2.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.42. The business had revenue of $130.70 million during the quarter, compared to the consensus estimate of $131.64 million. Virtus Investment Partners had a net margin of 13.35% and a return on equity of 20.19%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.59 EPS. Equities research analysts expect that Virtus Investment Partners will post 13.13 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Virtus Investment Partners by 1.9% during the 4th quarter. BlackRock Inc. now owns 1,075,246 shares of the closed-end fund’s stock worth $85,407,000 after purchasing an additional 19,717 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Virtus Investment Partners by 5.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 562,751 shares of the closed-end fund’s stock worth $44,700,000 after purchasing an additional 29,871 shares during the last quarter. WCM Investment Management LLC increased its stake in shares of Virtus Investment Partners by 70.0% during the 1st quarter. WCM Investment Management LLC now owns 125,198 shares of the closed-end fund’s stock worth $12,213,000 after purchasing an additional 51,542 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Virtus Investment Partners by 11.0% during the 4th quarter. Bank of New York Mellon Corp now owns 104,923 shares of the closed-end fund’s stock worth $8,334,000 after purchasing an additional 10,410 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Virtus Investment Partners during the 4th quarter worth $6,569,000. Institutional investors own 93.80% of the company’s stock.

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.

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Analyst Recommendations for Virtus Investment Partners (NASDAQ:VRTS)

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