Virtus Investment Partners, Inc. (VRTS) to Issue Quarterly Dividend of $1.90 on May 15th

Virtus Investment Partners, Inc. (NASDAQ:VRTS) announced a quarterly dividend on Thursday, February 22nd, Wall Street Journal reports. Shareholders of record on Tuesday, April 30th will be paid a dividend of 1.90 per share by the closed-end fund on Wednesday, May 15th. This represents a $7.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Monday, April 29th.

Virtus Investment Partners has a dividend payout ratio of 25.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Virtus Investment Partners to earn $29.45 per share next year, which means the company should continue to be able to cover its $7.60 annual dividend with an expected future payout ratio of 25.8%.

Virtus Investment Partners Stock Down 1.4 %

Shares of NASDAQ VRTS opened at $227.58 on Friday. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 12.85 and a beta of 1.52. Virtus Investment Partners has a 52 week low of $165.00 and a 52 week high of $263.39. The firm has a 50-day moving average price of $235.74 and a 200 day moving average price of $221.52.

Virtus Investment Partners (NASDAQ:VRTS) last posted its quarterly earnings results on Friday, February 2nd. The closed-end fund reported $6.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.96 by $0.15. Virtus Investment Partners had a net margin of 15.45% and a return on equity of 18.83%. The company had revenue of $214.59 million during the quarter, compared to the consensus estimate of $196.20 million. During the same period last year, the firm earned $5.17 EPS. Equities research analysts expect that Virtus Investment Partners will post 27.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on VRTS shares. Morgan Stanley upped their price target on shares of Virtus Investment Partners from $211.00 to $224.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 17th. Piper Sandler lifted their price target on Virtus Investment Partners from $264.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. TD Cowen lowered Virtus Investment Partners from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $285.00 to $264.00 in a report on Monday, April 8th. Finally, StockNews.com downgraded Virtus Investment Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, April 9th.

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.