Virtus Investment Partners (NASDAQ:VRTS) Upgraded at Bank of America

Bank of America upgraded shares of Virtus Investment Partners (NASDAQ:VRTS) from a neutral rating to a buy rating in a research report released on Monday, BenzingaRatingsTable reports.

Several other analysts also recently weighed in on the company. Barclays restated a hold rating and set a $105.00 price objective on shares of Virtus Investment Partners in a research report on Wednesday, October 9th. BidaskClub cut Virtus Investment Partners from a sell rating to a strong sell rating in a report on Thursday, October 10th. ValuEngine raised Virtus Investment Partners from a strong sell rating to a sell rating in a report on Thursday, October 3rd. Zacks Investment Research reaffirmed a hold rating on shares of Virtus Investment Partners in a report on Saturday, October 12th. Finally, Morgan Stanley lowered their target price on Virtus Investment Partners from $108.00 to $106.00 and set an equal weight rating for the company in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Virtus Investment Partners presently has a consensus rating of Hold and an average target price of $108.33.

Shares of VRTS stock opened at $99.26 on Monday. The company has a quick ratio of 27.91, a current ratio of 27.91 and a debt-to-equity ratio of 0.55. Virtus Investment Partners has a twelve month low of $70.00 and a twelve month high of $126.55. The company has a market cap of $667.75 million, a P/E ratio of 8.10, a P/E/G ratio of 2.12 and a beta of 1.54. The business has a fifty day simple moving average of $107.54 and a 200 day simple moving average of $108.49.

Virtus Investment Partners (NASDAQ:VRTS) last announced its quarterly earnings data on Friday, July 26th. The closed-end fund reported $3.63 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.22. Virtus Investment Partners had a return on equity of 21.29% and a net margin of 13.86%. The business had revenue of $140.49 million during the quarter, compared to the consensus estimate of $144.92 million. During the same period in the prior year, the company earned $2.73 EPS. Virtus Investment Partners’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, equities research analysts anticipate that Virtus Investment Partners will post 13.64 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, October 30th. This is a boost from Virtus Investment Partners’s previous quarterly dividend of $0.55. Virtus Investment Partners’s dividend payout ratio is presently 17.94%.

Institutional investors and hedge funds have recently modified their holdings of the business. HM Payson & Co. acquired a new position in Virtus Investment Partners in the 2nd quarter worth about $193,000. Acadian Asset Management LLC increased its stake in shares of Virtus Investment Partners by 382.0% in the second quarter. Acadian Asset Management LLC now owns 13,284 shares of the closed-end fund’s stock valued at $1,427,000 after buying an additional 10,528 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Virtus Investment Partners by 192.6% in the second quarter. JPMorgan Chase & Co. now owns 16,624 shares of the closed-end fund’s stock valued at $1,755,000 after buying an additional 10,943 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Virtus Investment Partners in the second quarter valued at about $4,041,000. Finally, AlphaOne Investment Services LLC increased its stake in shares of Virtus Investment Partners by 457.0% in the second quarter. AlphaOne Investment Services LLC now owns 3,108 shares of the closed-end fund’s stock valued at $333,000 after buying an additional 2,550 shares during the period. 90.40% of the stock is owned by institutional investors and hedge funds.

About Virtus Investment Partners

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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