Virtus Investment Partners (NASDAQ:VRTS) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Virtus Investment Partners (NASDAQ:VRTS) from a sell rating to a hold rating in a research report released on Thursday, Zacks.com reports.

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. “

NASDAQ VRTS opened at $284.30 on Thursday. Virtus Investment Partners has a 52-week low of $200.94 and a 52-week high of $338.80. The company has a 50-day simple moving average of $300.60 and a 200 day simple moving average of $299.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 15.51 and a current ratio of 15.51. The company has a market capitalization of $2.16 billion, a PE ratio of 11.30 and a beta of 1.52.

Virtus Investment Partners (NASDAQ:VRTS) last issued its earnings results on Wednesday, October 27th. The closed-end fund reported $9.71 earnings per share for the quarter, topping analysts’ consensus estimates of $9.61 by $0.10. The firm had revenue of $217.67 million during the quarter, compared to analyst estimates of $219.35 million. Virtus Investment Partners had a net margin of 22.79% and a return on equity of 32.07%. During the same quarter last year, the business earned $4.49 earnings per share. As a group, analysts forecast that Virtus Investment Partners will post 35.53 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 11th. Shareholders of record on Friday, January 28th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, January 27th. This is a positive change from Virtus Investment Partners’s previous quarterly dividend of $0.82. Virtus Investment Partners’s dividend payout ratio (DPR) is currently 23.85%.

In other news, EVP William Patrick Bradley III sold 300 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The shares were sold at an average price of $333.75, for a total value of $100,125.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry M. Mandinach sold 5,210 shares of the firm’s stock in a transaction that occurred on Tuesday, December 14th. The shares were sold at an average price of $286.25, for a total transaction of $1,491,362.50. The disclosure for this sale can be found here. Insiders have sold 5,969 shares of company stock valued at $1,741,805 in the last quarter. Company insiders own 5.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its stake in Virtus Investment Partners by 1.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,399 shares of the closed-end fund’s stock valued at $713,000 after purchasing an additional 39 shares in the last quarter. Toth Financial Advisory Corp raised its stake in Virtus Investment Partners by 0.7% in the third quarter. Toth Financial Advisory Corp now owns 5,687 shares of the closed-end fund’s stock valued at $1,765,000 after purchasing an additional 42 shares in the last quarter. Voya Investment Management LLC raised its stake in Virtus Investment Partners by 0.9% in the third quarter. Voya Investment Management LLC now owns 5,422 shares of the closed-end fund’s stock valued at $1,682,000 after purchasing an additional 46 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in Virtus Investment Partners by 0.9% in the second quarter. Great West Life Assurance Co. Can now owns 6,225 shares of the closed-end fund’s stock valued at $1,726,000 after purchasing an additional 53 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its stake in Virtus Investment Partners by 7.4% in the second quarter. Mutual of America Capital Management LLC now owns 1,022 shares of the closed-end fund’s stock valued at $284,000 after purchasing an additional 70 shares in the last quarter. Institutional investors own 84.32% of the company’s stock.

Virtus Investment Partners Company Profile

Virtus Investment Partners, Inc is an asset management company, which engages in the provision of investment management and related services to individuals and institutions. It offers financial solutions and products such as mutual funds, managed accounts, institutional, closed-end funds, Virtus variable insurance trust funds, and other portfolio.

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